* South Korean shares jump 2%
* Taiwan's April CPI due later in the day
* Malaysia rate decision due on Thursday

By Ayushman Ojha
       May 7 (Reuters) - Most Asian equities markets continued
a bullish run on Tuesday on the back of renewed bets for U.S.
rate cuts after last week's cooler-than-expected jobs data,
while the region's currencies were subdued despite a slightly
weaker dollar.
   The Indonesian rupiah fell 0.2%, losing the ground it
gained on Monday after data showed the country's economy in the
first quarter grew at its fastest pace in three quarters.
    The Philippine peso was largely unchanged after
country's annual inflation increased for a third straight month
in April, backing the central bank's recent decisions to keep
monetary policy restrictive.
    Regional markets are still cautious about the future path of
U.S. interest rates as they have not seen a strengthening in
Asian currencies even with U.S. yields falling, said Lloyd Chan,
senior currency analyst at MUFG Bank.
    "The dollar is still attractive. It has a relatively higher
carry compared to many Asian currencies, and the rate
differentials is in favour of the U.S. and continues to weigh on
the (regional) currencies," Chan added.
    The Thai baht and the Taiwanese dollar
each fell by 0.2%. Taiwan is scheduled to report its April
inflation numbers later on Tuesday.
    Bucking the regional trend, the South Korean won
was 0.3% higher.
    Meanwhile, Asian stocks continued their rally on optimism
from the Federal Reserve hinting at a dovish bias after last
week's slower-than-expected job growth in U.S., which reinforced
bets on rate cuts later in the year.
    Interest rates markets price at least one U.S. rate cut this
year, in November. FEDWATCH
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was up 0.3%.
    South Korean stocks surged as much as 2% after
returning from a holiday on Monday, tracking Wall Street gains
overnight.
    Taiwan shares rose as much as 0.8%, while stocks in
Indonesia added as much as 0.3%.
    Singapore stocks rose as much as 0.3%, while
Malaysian shares gained 0.8%, touching a fresh two-year
high. Market participants now await Malaysia's key rate decision
on Thursday.
    Philippine stocks were 0.2% lower after the inflation data. 
    Meanwhile, the yen weakened 0.5% on Tuesday, after
gains last week on suspected intervention from Japanese
authorities to stop a sharp slide in the currency.
    
    HIGHLIGHTS:    
    ** South Korea FX reserves log biggest monthly drop in 19
months on intervention
    ** Japan warns of action over rapid currency moves
    ** Thai finmin says ready to talk to c.bank chief on policy
    
    
  Asia                                              
  stock                                        
 indexes                                       
   and                                         
 currenc                                       
 ies at                                        
  0425                                         
   GMT                                         
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.43  -8.7  <.N2  1.45   15.92
                               3  25>          
 China                       5  EC>          
 India               +0.00  -0.3  <.NS   0.03   3.30
                               3  EI>          
 Indones             -0.17  -4.0  <.JK   0.06  -1.82
 ia                            7  SE>          
 Malaysi             -0.06  -3.1  <.KL   0.67  10.55
 a                             6  SE>          
 Philipp             -0.03  -3.2  <.PS  -0.18   2.95
 ines                          2  I>           
 S.Korea                     6  11>          
 Singapo             -0.08  -2.4  <.ST   0.08   2.02
 re                            3  I>           
 Taiwan              -0.18  -5.1  <.TW   0.33  14.83
                               6  II>          
 Thailan             -0.11  -7.0  <.SE   0.85  -2.42
 d                             5  TI>          
 
    
 (Reporting by Ayushman Ojha in Bengaluru; Editing by Jamie
Freed)