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EMERGING MARKETS-Recovery fears hit South Korea's won as U.S. dollar firms

    * Graphic: World FX rates
    * Graphic: Foreign flows into Asian stocks
    * Philippine shares fall about 1%
    * S. Korea's central bank chief sees economic recovery

    By Shriya Ramakrishnan
    Aug 24 (Reuters) - South Korea's won was the biggest loser
on Monday as a modest recovery in the U.S. dollar pulled
emerging currencies across Asia lower ahead of a week likely to
be dominated by the U.S. Federal Reserve's annual Jackson Hole
    Some of the foreign exchange market's big players have begun
to suggest the dollar's slide since May may be overdone and
upbeat U.S. data on Friday, along with signs of progress on
coronavirus vaccines, have reinforced that view.
    The won slipped as much as 0.5% after South
Korea's central bank chief warned that a recent surge in
coronavirus infections will likely weaken its economic recovery.

    Indonesia's rupiah, the Malaysian ringgit
and Singapore dollar all traded flat to lower against the
dollar, while the Taiwanese dollar was the sole gainer,
up about 0.5%.
    Bank of Korea holds its monetary policy meeting on Thursday,
with analysts at Goldman Sachs expecting the central bank to
keep its key policy rate steady at a record low of 0.5%. 
    Gains in pharmaceutical shares, however, pushed Seoul's
stock market up about 1%. 
    Fed chair Jerome Powell will address on Thursday the Jackson
Hole gathering, being held virtually due to the coronavirus,
with investors also eagerly awaiting details on possible changes
to how the Fed targets inflation.
    Policymakers' concern about the pace of recovery in minutes
from the central bank's July meeting pushed stocks and most
emerging markets lower last week but business surveys on Friday
were more encouraging. 
    That optimism, combined with signs authorities will move
quickly to approve and distribute COVID-19 vaccines pushed most
stock markets higher, but a 1% loss in Philippine shares showed
how rising infections are still taking a toll on financial
    "Prices are struggling to find a strong driver given the
mixed developments," said Jingyi Pan, a market strategist at IG
    "It seems that broadly the market is taking a breather at
the start of the week, waiting on items ranging the Jackson Hole
symposium to the U.S.-China trade talks." 
    Last week, the Trump administration and China differed over
plans for a meeting over the Phase 1 trade deal, originally
envisioned for the Aug. 15 six-month anniversary of the trade
deal's launch.
    The Philippines, resuming trade after a long weekend,
reported its smallest daily rise in new coronavirus infections
in a month on Sunday, but the nationwide tally was still the
highest in Southeast Asia.    
    ** Malaysia's 10-year benchmark yield is up 2.3
basis points at 2.556%, while its 3-year benchmark yield
 is up 2 basis points at 1.842%
    ** Top gainers on the Thailand's SETI Thailand
Hospitality Property Fund up 13.29% at 9.8 baht,
Asiasoft Corporation PCL up 11.11% at 4.2 baht
    ** In the Philippines, top index losers are JG Summit
Holdings Inc down 2.13% at 62.1 peso; Alliance Global
Group Inc down 2.1% at 6.07 peso; SM Investments Corp
 down 2% at 882 peso
  Asia stock indexes and                                     
 currencies at   0423 GMT                              
                      DAILY       %                 S   YTD %
                          %                     DAILY  
 Japan                -0.07   +2.61              0.13   -2.99
 China     <CNY=CFXS  -0.02   +0.62              0.18   11.04
 India                 0.00   -4.62              0.53   -6.05
 Indonesi             -0.17   -6.18              0.17  -16.16
 Malaysia             +0.00   -2.15             -0.35   -1.08
 Philippi             +0.02   +4.18             -1.02  -23.95
 S.Korea   <KRW=KFTC  -0.32   -2.83              0.88    5.79
 Singapor             -0.04   -1.96              0.24  -21.35
 Taiwan               +0.47   +2.50              0.33    5.44
 Thailand             -0.10   -5.23              0.27  -17.54
 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Ana
Nicolaci da Costa)