EMERGING MARKETS-Asian FX, stocks retreat; Philippine central bank in focus

* Malaysian ringgit down as much as 1% * Singapore shares fall 0.7% * Philippine monetary policy meeting in focus By John Biju Nov 16 (Reuters) - Emerging Asian currencies and stocks retreated on Thursday after posting strong gains a day earlier, as a mixed set of U.S. data helped the U.S. dollar recover, while focus turned to the Philippines ahead of a monetary policy meeting later in the day. The Malaysian ringgit pulled back nearly 1%, while the Indonesian rupiah fell 0.5%, after both currencies gained more than 1% each on Wednesday. The Thailand baht and the Philippine peso slipped as much as 0.5% and 0.4%, respectively. Most stock markets in the region declined with Indonesian shares falling 0.5% while those in Singapore slipping 0.7%, and Malaysia's benchmark dropping 0.4%. Over in the Philippines, traders are looking out for the monetary policy decision from the nation's central bank, the Bangko Sentral ng Pilipinas (BSP), which is expected to keep its key interest rate unchanged later in the day, according to a Reuters poll of economists. The central bank had signalled last week it was willing to take further monetary policy action if needed to tame consumer price expectations, with risks to the inflation outlook leaning upside. "BSP will likely maintain the hawkish narrative despite the decline in inflation in October," said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken. "Beyond the impact of oil prices, the Philippines is facing the risk of higher food prices and adjustments in the transport costs." The Philippine peso was down 0.3% while stocks edged 0.1% lower. The U.S. dollar was last trading at 104.560 against a basket of other currencies while the U.S. Treasury yields rebounded from a two month-low overnight, dragging on riskier Asian currencies. Data overnight showed retail sales for October fell less than expected while producer prices fell the most in 3-1/2-years last month, a mixed set of indicators that reinforced expectations that the Federal Reserve's tightening cycle was over while suggesting rate cuts won't come in a hurry. "Our view for USD remains one of a sell-on -rally. There could continue to be some support on dips as the USD still has carry advantage as well as growth outperformance vs the rest of the world," Maybank analysts said in a note. Back in the region, a batch of October data from China signalled continued recovery in retail sales and industrial output, but falling property sales and home prices underlined concerns about the economic recovery of Southeast Asia's largest trading partner. The Chinese yuan retreated 0.2% while stocks fell 0.5%. HIGHLIGHTS: ** Indonesian 10-year benchmark yields fall 3.1 basis points to 6.769% ** Japan's export growth slows as China, global downturn risks loom ** South Korea to keep stock short-selling ban until market improves, regulator Asia stock indexes and currencies at 0333 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.04 -13.3 <.N2 -0.78 27.46 4 25> China EC> India -0.05 -0.55 <.NS 0.00 8.67 EI> Indones -0.48 -0.26 <.JK -0.58 0.98 ia SE> Malaysi -0.81 -6.54 <.KL -0.36 -2.27 a SE> Philipp -0.29 -0.34 <.PS -0.08 -6.10 ines I> S.Korea +0.14 -3.22 <.KS -0.27 10.89 11> Singapo -0.10 -0.86 <.ST -0.27 -3.93 re I> Taiwan +0.31 -4.07 <.TW -0.15 20.97 II> Thailan -0.20 -2.85 <.SE 0.12 -15.0 d TI> 9 (Reporting by John Biju in Bengaluru Editing by Shri Navaratnam)