EM ASIA FX-Fed rate hike bets hurt Asia FX; won, rupiah hit two-month lows

* Won falls as yen's 8-year low raises intervention caution

* Rupiah down on importers; c.bank limits downside

* Ringgit hits 1-month low, 3.6558/dollar eyed

(Adds text, updates prices)

By Jongwoo Cheon

SEOUL, May 27 (Reuters) - Most emerging Asian currencies

slipped on Wednesday as solid U.S. economic data boosted

expectations the Federal Reserve will raise interest rates this

year and undermined the appeal of the region's higher yields.

The won hit a near two-month low as the yen's

slide to an eight-year low increased caution over

currency intervention by South Korea's foreign exchange

authorities to stem its strength against the Japanese unit.

Indonesia's rupiah touched its weakest in more than

two months on month-end dollar demand from importers.

The Malaysian ringgit fell to a near one-month low

as overnight losses in oil prices rekindled concerns that low

crude prices may hurt the country's trade and fiscal account.

Malaysia is a net oil exporter.

The U.S. dollar rose to a one-month high against a

basket of six major currencies with the yen below 123 per

greenback, its weakest since July 2007.

That came after a gauge of U.S. business investment spending

plans rose solidly for a second straight month in April and

consumer confidence perked up this month. New home sales rose

last month.

"Asian currencies will fall further," said Yuna Park, a

currency and bond analyst at Dongbu Securities in Seoul, adding

regional outperformers including the won may suffer more than

others as investors may book profits from them.

"Strong U.S. data, especially after Yellen's hawkish

comments, raised the case of a U.S. rate increase," she said.

"The hike may happen in September, but markets will prepare in

advance."

Fed Chair Janet Yellen on Friday said interest rates are

likely to rise this year but the pace of tightening will depend

on the strength of economic data.

WON

The won lost as much as 0.8 percent to 1,109.3 per dollar,

its weakest since March 31.

Caution increased over possible intervention by South

Korea's foreign exchange authorities to prevent the won from

further outperforming the yen.

The South Korean currency has eased 0.8 percent against the

dollar so far this year, while the yen has lost 2.8 percent,

according to Thomson Reuters data.

South Korea's companies competed against Japan's rivals for

key products such as cars.

The won pared some earlier losses as local exporters bought

the currency on dips for month-end settlements.

The currency has a chart support at 1,109.9, the 61.8

percent Fibonacci retracement of its appreciation from March to

April, analysts said.

RUPIAH

The rupiah eased 0.2 percent to 13,236 per dollar, its

lowest level since March 17, tracking its weakness in overnight

non-deliverable forwards markets.

The official Jakarta Interbank Spot Dollar Rate,

which the central bank introduced in 2013 to manage exchange

rate fluctuations, was fixed at 13,229 rupiah per dollar, weaker

than the previous 13,192.

Spot rupiah pared some of the losses as the central bank was

spotted intervening around the session low to support the

worst-performing Asian currency so far this year, traders said.

RINGGIT

The ringgit slid 0.4 percent to 3.6430 per dollar, its

weakest since April 21, as dollar demand linked to daily fixing

added pressure.

The Malaysian currency may weaken to 3.6558, the 61.8

percent retracement level of its appreciation from March to

April as it cleared a chart support area around 3.6330, analysts

said.

It has the 38.2 percent level at 3.6333 and a 55-day moving

average at 3.6338. The currency had been firmer than the average

since late April.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0525 GMT

Currency Latest bid Previous day Pct Move

Japan yen 122.97 123.10 +0.11

Sing dlr 1.3488 1.3500 +0.09

Taiwan dlr 30.675 30.708 +0.11

Korean won 1106.41 1101.00 -0.49

Baht 33.78 33.72 -0.18

Peso 44.75 44.71 -0.09

Rupiah 13230.00 13205.00 -0.19

Rupee 64.08 63.98 -0.16

Ringgit 3.6370 3.6300 -0.19

Yuan 6.2043 6.2040 -0.00

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 122.97 119.66 -2.70

Sing dlr 1.3488 1.3260 -1.69

Taiwan dlr 30.675 31.718 +3.40

Korean won 1106.41 1099.30 -0.64

Baht 33.78 32.90 -2.61

Peso 44.75 44.72 -0.06

Rupiah 13230.00 12380.00 -6.42

Rupee 64.08 63.03 -1.64

Ringgit 3.6370 3.4965 -3.86

Yuan 6.2043 6.2040 -0.00

(Editing by Richard Borsuk)