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Turkey inflation slows to 52%

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U.S. payrolls data due on Friday

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EM stocks down 0.3%, FX off 0.1%

By Shashwat Chauhan

Sept 3 (Reuters) - Most emerging market currencies were

range-bound on Tuesday, as investors waited to see the dollar's

moves during a week packed with global economic data, including

a crucial U.S. jobs report.

Investors were focused on a U.S. ISM manufacturing survey

due later in the day, while Friday's all-important August

nonfarm payrolls (NFP) report could offer clues on the magnitude

of an expected rate cut by the Federal Reserve later this month.

"We think the (ISM) reading should revert higher, further

allaying fears over the state of the labour market, an outcome

that should see the greenback extend gains heading towards

Friday," analysts at Monex Europe wrote in a note.

Any clues on the state of the U.S. labour market will be

carefully scrutinised, given Federal Reserve Chair Jerome

Powell's dovish tilt last month, and his emphasis on the jobs

markets.

Currencies in Central Eastern Europe (CEE) were largely

muted, with Hungary's forint, Poland's zloty

and the Czech crown all trading more or less flat

against the euro.

Data showed Czech real wages increased for a second straight

quarter in the April-June period, while Hungary's economy

expanded 1.5% in the second quarter year-on-year.

Most currencies in Asia were lower, with Philippine's peso

lagging with a 0.2% fall.

Turkey's lira slipped 0.3% against the dollar

after official data showed Turkish inflation eased to 51.97% in

August, just below expectations.

Nicholas Farr, emerging Europe economist at Capital

Economics, said that while he sees continued disinflation in

Turkey over the coming months, "there are signs in the breakdown

that underlying inflation pressures remain strong and we still

think that the central bank won't feel ready to cut interest

rates this year."

South Africa's rand slipped 0.3% ahead of the

release of second quarter GDP figures, while the local stocks

benchmark edged 0.1% higher.

As of 0825 GMT, MSCI's index for emerging market stocks

dipped 0.3%, while a gauge for currencies

slipped 0.1%.

Later this week, interest rate decisions in Argentina,

Chile, Poland, Malaysia and Egypt are likely to be on investors'

radar.

Investors would also look out for comments from African

leaders in China ahead of the ninth Forum on China-Africa

Cooperation (FOCAC) Summit later this week.

HIGHLIGHTS:

** World Bank raises India growth forecast to 7% for current

fiscal year from 6.6%

** Conflict, creditors and a car crash: How Ukraine clinched

a wartime debt restructuring

** Pakistan PM says government working on IMF conditions for

loan programme