EMERGING MARKETS-Most Asian currencies subdued, focus on Fed's Jackson Hole conference

(.) * Powell's speech at Jackson Hole awaited * Most Asia FX subdued, stocks gain * Thai baht on track to lose 0.6% this week By Upasana Singh Aug 26 (Reuters) - Most Asian emerging currencies were muted on Friday against a softer dollar, as investors watched for U.S. Federal Chair Jerome Powell's speech at the Jackson Hole conference to gauge the central bank's rhetoric on further policy tightening. Thailand's baht weakened 0.3% and was set to lose 0.6% for the week, becoming the top laggard in the region. Indonesia's rupiah and Malaysia's ringgit were flat, while South Korea's won rose 0.4%. China's yuan fell 0.1%. Investors cautiously awaited a speech from Powell later in the day for insights into the central bank's outlook on the economy and future pace of interest rate hikes, following a series of hawkish comments from several Fed officials. "Expect him (Powell) to confirm that the task on the inflation fight is not yet done, but any hints for the target level of rates, and sensitivity to risk of overtightening will be closely watched," NAB Markets Research analysts wrote. Meanwhile, data showed that the U.S. economy contracted at a more moderate pace than initially thought in the second quarter. The dollar index, was flat, although it held onto its recent gains and was on track for a 0.4% weekly gain. "We do not rule out a case of 'buy rumour, sell on fact' for the USD into Jackson Hole event risk," OCBC Bank analysts said in a note. Singapore's dollar depreciated 0.1% after the city-state's industrial output in July grew 0.6% year-on-year, well below forecasts, partly to a decrease in the output of electronics and biomedical manufacturing. The Philippine peso was flat. The country's central bank governor said a series of rate hikes this year targeted at curbing inflation, which hit a near four-year high in July, would not dampen economic recovery. In Thailand, the unemployment rate dropped in the second quarter on the back of easing pandemic curbs. The country's central bank, which had been a laggard in the region, hiked its key rate by 25 basis points earlier this month. Equities in the region were broadly higher, with stocks in Taiwan and India leading gains as they advanced 0.7% and 0.8%, respectively. HIGHLIGHTS: ** U.S., China near deal to let U.S. inspect Chinese company audit records in Hong Kong - WSJ https://on.wsj.com/3R6AkQg ** Keppel Corp and Capitaland Integrated Commercial Trust among top gainers on Singapore's benchmark index ** Japan seeks to organise Sri Lanka creditors' meeting on debt crisis-sources The following table shows rates for Asian currencies against the U.S. dollar at 0357 GMT. COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % DAILY YTD % % % Japan -0.19 -15.85 0.69 -0.40 China -0.12 -7.30 0.09 -10.74 India +0.01 -6.94 0.80 1.77 Indonesia +0.03 -3.81 -0.10 8.90 Malaysia -0.04 -6.89 0.34 -4.27 Philippine -0.04 -8.98 -0.14 -5.98 s S.Korea +0.35 -10.66 0.27 -16.58 Singapore -0.12 -2.97 0.36 4.35 Taiwan -0.08 -8.37 0.74 -15.95 Thailand -0.32 -6.98 -0.13 -0.98 (Reporting by Upasana Singh in Bengaluru; Editing by Christopher Cushing)