EMERGING MARKETS-Dollar gains holds back Asian currencies, rupiah down most

    * Investors await the open of U.S. markets after a long
    * Philippines up 1% as daily COVID-19 cases drop to 8-week
    * Graphic: World FX rates tmsnrt.rs/2egbfVh

    Sept 8 (Reuters) - Indonesia's rupiah led a dip in
emerging Asian currencies against a broadly stronger dollar on
Tuesday, while equity markets managed minor gains in light trade
ahead of the reopening of U.S. markets from a long weekend.
    The rupiah fell 0.4% against the dollar, which held
onto overnight gains with some investors looking to the European
Central Bank meeting later this week for clues on what could be
in store for the greenback.
    "A bit of consolidation is what you're seeing right now,"
said Moh Siong Sim, an FX strategist at the Bank of Singapore.
    The recent weakness in the dollar has been a boon for the
euro and for Asian currencies, especially China's yuan
, which is set to gain for a fourth straight month.
    "The weak dollar trend is driven by two important currencies
...the Chinese currency is still in favour of further
appreciation," Siong Sim said.
    "I think where things are bit more mixed now is on the euro
    The yuan was 0.1% weaker.
    U.S. stock futures edged higher on Tuesday, pointing
to a positive open later following a sharp tech-led sell-off
last week that revived worries about high valuations and also
drove sharp declines across emerging markets in Asia.
    Philippine stocks led gains across the region by
rising 1%, while Thai stocks fell close to 1% following
a four-day weekend. In Kuala Lumpur, glove makers
dragged the market lower. 
    The Philippines reported its lowest number of new daily
coronavirus cases in nearly eight weeks, but that encouraging
sign was tempered by officials who said the crisis is not over.

    ** Top losers in Malaysia are Top Glove Corp and
Haralega Holdings, who were down 5.2% and 3.7%,
    ** The European Central Bank's policy decision is on
    ** Japan's economy sinks deeper into worst postwar
contraction, intensifies challenge for new leader
           Asia stock indexes and currencies at 0404 GMT
 COUNTRY      FX RIC      FX       FX     INDEX    STOCKS   STOCKS
                          DAILY %  YTD %           DAILY %  YTD %
 Japan                      -0.02  +2.20              0.51   -1.90
 China                      -0.11  +1.86             -0.34    7.58
 India                      +0.00  -2.67             -0.21   -6.88
 Indonesia                  -0.41  -6.15              0.20  -16.80
 Malaysia                   -0.22  -1.80             -0.95   -5.46
 Philippines                -0.06  +4.11              1.04  -23.26
 S.Korea                    -0.04  -2.73              0.73    9.28
 Singapore                  -0.13  -1.70              0.30  -21.85
 Taiwan                     +0.76  +2.75              0.50    5.56
 Thailand                   -0.03  -4.84             -0.83  -17.65
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Kim

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