EMERGING MARKETS-Asian stocks climb ahead of US jobs data; FX tepid

* South Korean stocks hit highest since Jan 2022 * Taiwan stocks climb to record high * Inflation data from Taiwan due later in the day (Updates at 0735 GMT) By Ayushman Ojha July 5 (Reuters) - Most Asian currencies were largely unchanged on Friday despite a weaker dollar, while stock markets were set for weekly gains as soft U.S. labour market data buoyed expectations of interest rate cuts by the Federal Reserve later this year. The South Korean won was muted after strengthening 0.2% earlier, while the Singapore dollar inched 0.1% higher. The Indonesian rupiah rose 0.2% while the Taiwanese dollar edged 0.1% lower. Most equities in the region were trading higher amid the prospect of U.S. rate cuts for September. Investors awaited U.S. payrolls data, due later in the day, to further assess the rate outlook. Traders are now pricing in a 73% chance of a rate cut in September, up from about 66% a week earlier. FEDWATCH South Korean stocks led the gains amid emerging Asian equities, rising as much as 1.7% to their highest levels since January 2022. The benchmark index was lifted by an upbeat performance in Samsung Electronics after the multi-national electronics company estimated a more than 15-fold rise in its second-quarter operating profit. Stocks in Indonesia gained 0.8% and were set for a 2.7% weekly rise, while Taiwan equities climbed 0.5% to scale a record high ahead of country's June inflation data. Traders await monetary policy decisions in South Korea and Malaysia next week, as well as China's June inflation and Singapore's first-quarter economic growth estimates. The Thai baht was largely flat after country's headline consumer price index rose 0.62%, against the central bank's target range of 1% to 3%. Thailand shares were up 0.6% after the data, set for their first weekly gain in seven weeks. The Thai government has been at loggerheads with the central bank for months over interest rates, with Thailand Prime Minister Srettha Thavisin calling for a rate cut to kick-start the economy. Bank of Thailand Chief Sethaput Suthiwartnarueput said on Thursday there is no need to cut interest rates despite the country's slow economic recovery. The baht has fallen 7.2% so far this year. The Philippine peso was unchanged after data showed the country's annual inflation eased in June for the first time in five months. "Today's print gives us more confidence that the Bangko Sentral ng Pilipinas (BSP) will likely start easing from August," Barclays analysts said. HIGHLIGHTS: ** Japan household spending unexpectedly falls, clouds BOJ rate path ** China's central bank has hundreds of billions of yuan of bonds at its disposal to cool long rally Asia stock indexes and currenc ies at 0735 GMT Japan +0.29 -12.2 <.N2 7 25> -1.28 22.26 China EC> India +0.02 -0.32 <.NS -0.09 11.72 EI> Indones +0.23 -5.48 <.JK 0.30 -0.42 ia SE> Malaysi +0.00 -2.49 <.KL -0.28 10.83 a SE> Philipp -0.01 -5.38 <.PS -0.23 0.66 ines I> S.Korea 11> Singapo +0.13 -2.28 <.ST -0.79 5.32 re I> Taiwan +0.02 -5.36 <.TW 0.14 31.37 II> Thailan +0.04 -6.61 <.SE 0.55 -7.60 d TI> (Reporting by Ayushman Ojha in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)