* N. Korean missiles underpin won's weakness
* Philippine peso gains the most for the day
* Global markets await ECB chief's comments
(Adds text, updates prices)
By Aby Jose Koilparambil
July 25 (Reuters) - Most Asian currencies traded inside a
tight range ahead of the European Central Bank (ECB) meeting on
Thursday, while appetites for riskier assets were dented by
North Korea's firing of two short-range missiles.
Financial markets are keenly awaiting the ECB's policy
decision and assessment of the global economic health, possibly
throwing the door open for monetary easing.
Sim Moh Siong, foreign exchange strategist at Bank of
Singapore, said ECB President Mario Draghi's remarks will be
Thursday's "highlight" for forex markets.
"After the weak Eurozone manufacturing data yesterday, there
is a thinking that the ECB could possibly move ahead with the
rate cut than waiting for September," Sim said.
"I think this is the meeting where they could signal rather
than act and prepare for action in the September meeting."
The Indonesian rupiah IDR=ID , which weakened the past
three sessions, rose as much as 0.1%, as did the Taiwan dollar
TWD=TP .
The Indian rupee IDR=ID , Thai baht THB=TH and Malaysian
ringgit MYR=MY barely changed.
The South Korean won KRW=KFTC weakened as much as 0.2%
after the country's military said that North Korea fired two
short-range missiles early on Thursday from its east coast,
raising the temperature on the political front. It is the first missile test since North Korean leader Kim
Jong Un and U.S. President Donald Trump agreed to revive stalled
denuclearisation talks.
The won is also the worst performing Asian currency this
year, having shed about 5.4%.
PESO GAINS
The Philippine peso PHP= tacked on up to 0.2%, making it
the region's best gainer for the day.
Last week, the Philippines revised its foreign exchange
assumptions for its medium-term macroeconomic targets as it
expects the peso to appreciate against the dollar on positive
investor sentiment. Bank of Singapore's Sim attributed strengthening in the peso
over the past two sessions to how the country's environment for
growth is relatively better than those of peers in the region.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0428 GMT
Currency Latest bid Previous day Pct Move
Japan yen 108.150 108.17 +0.02
Sing dlr 1.364 1.3643 -0.01
Taiwan dlr 31.068 31.084 +0.05
Korean won 1179.600 1177.9 -0.14
Baht 30.885 30.8825 -0.01
Peso 51.080 51.17 +0.18
Rupiah 13980.000 13990 +0.07
Rupee 68.963 68.98 +0.02
Ringgit 4.117 4.117 +0.00
Yuan 6.876 6.8730 -0.04
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 108.150 109.56 +1.30
Sing dlr 1.364 1.3627 -0.12
Taiwan dlr 31.068 30.733 -1.08
Korean won 1179.600 1115.70 -5.42
Baht 30.885 32.55 +5.39
Peso 51.080 52.47 +2.72
Rupiah 13980.000 14375 +2.83
Rupee 68.963 69.77 +1.17
Ringgit 4.117 4.1300 +0.32
Yuan 6.876 6.8730 -0.04