EM ASIA FX-Singapore dlr firms, offshore turns bullish on peso

* Asia currencies inch up against broadly weaker dollar

* Singapore dollar strengthens vs U.S. currency, ringgit

* Peso steady but onshore players expect further gains

SINGAPORE, Nov 3 - Asian currencies firmed on Tuesday as investors took comfort from further evidence of an economic recovery around the world, with the Singapore dollar rising against both U.S. dollar and Malaysian ringgit .

The dollar remained under pressure after falling broadly on Monday following U.S. reports showed sharp improvements in manufacturing, construction and housing, which encouraged investors to buy higher yielding assets.

But Asian investors were cautious ahead of the Federal Reserve's two-day policy meeting which began on Tuesday.

The U.S. central bank is widely expected to keep rates unchanged but there is a chance the Fed will drop its pledge to keep rates low for an extended period of time.

SINGAPORE DOLLAR, RINGGIT

Singapore dollar rises almost 0.4 percent to 1.3961 to the U.S. dollar, but its strength was contained by intervention fears.

"Investors are worried about the Authority stepping in," said a Singapore-based trader.

Singapore dollar was consolidating in recent sessions after a strong rally against the U.S. currency since early September.

Meanwhile, the Singapore dollar firmed a tad to 2.4451 ringgit, extending its strengthening streak since mid-October.

"We expect the pair to remain supported, perhaps targeting the 2.4680 area," said Emmanuel Ng, strategist at OCBC Bank.

The Singapore dollar's rise reflects the country's steep recovery, but the central bank kept its zero appreciation policy unchanged last month and sounded wary on the economic outlook.

PESO

The Philippine peso held steady near 47.645 per dollar after a long weekend, while offshore investors turned more bullish on the currency on optimism over fund inflows.

"Long weekend here meant more remittance inflows compared to any usual weekend, and since we were off yesterday, the markets did not react as much to the fall in U.S. equities on Friday," said a Manila-based trader, who expected the peso to move between 47.50-47.80 for the day.

One-month dollar/peso NDFs eased to 47.77, roughly at par with the spot rate, while one-month onshore dollar/peso forwards was traded around 47.80.

"One-month NDFs are indicated at +0.11 peso compared to onshore points of +0.16, indicating offshore markets are pricing in peso appreciation," added the dealer. CURRENCIES VS U.S. DOLLAR Change on the day at 0520 GMT Currency Latest bid Previous day Pct Move Japan yen 90.24 90.33 +0.10 Sing dlr 1.3967 1.4010 +0.31 Taiwan dlr 32.518 32.553 +0.11 Korean won 1180.40 1182.50 +0.18 Baht 33.40 33.42 +0.06 Peso 47.65 47.63 -0.03 Rupiah 9545.00 9555.00 +0.10 Rupee 47.01 46.96 -0.10 Ringgit 3.4190 3.4240 +0.15 Yuan 6.8277 6.8279 +0.00 Change so far in 2009 Currency Latest bid End prev year Pct Move Japan yen 90.24 90.60 +0.40 Sing dlr 1.3967 1.4340 +2.67 Taiwan dlr 32.518 32.860 +1.05 Korean won 1180.40 1259.50 +6.70 Baht 33.40 34.80 +4.19 Peso 47.65 47.52 -0.26 Rupiah 9545.00 11000.00 +15.24 Rupee 47.01 48.71 +3.63 Ringgit 3.4190 3.4500 +0.91 Yuan 6.8277 6.8230 -0.07