* Graphic: World FX rates tmsnrt.rs/2RBWI5E * Dollar weakens after U.S. jobs data * Peso underperform Asian FX ahead of inflation data * Indonesia stocks drop on COVID-19 woes By Anushka Trivedi July 5 (Reuters) - Most Asian stocks and currencies edged up on Monday, showing signs of easing volatility as investors scaled back expectations of an immediate withdrawal of Federal Reserve stimulus following a mixed batch of U.S. jobs data. The dollar backed down from three-month highs after rate hike bets ebbed, pressured by the weaker aspects of the U.S. nonfarm payrolls report where the unemployment rate for June rose, even as the number of jobs added beat forecast. Previously-battered local currencies firmed in response, with the Indonesian rupiah, South Korean won and the Indian rupee advancing 0.3% to 0.5%. Among equities, Taiwan"s bourse jumped 1% while South Korea, the Philippines and Singapore"s markets made modest gains of around 0.4% each. "Overall, market sentiment starts this week on a more positive footing," OCBC analysts said in a note, adding that a more consistent outperformance on the labour front would be needed to price in for Fed expectations. "That may come through only towards the end of third-quarter of 2021." The Fed"s surprising hawkish tilt last month spooked Asian markets with the prospect that the central bank"s unwinding of bond-buying programme and sooner-than-expected rate hikes could lead to outflows from emerging markets. Trading was thin as U.S. markets remain closed for the extended 4th of July weekend. Investors now await the minutes of Federal Open Markets Committee June meeting on Wednesday for more clues on tapering. The Philippine peso eased 0.4% to underperform its peers a day before the monthly inflation report, which is likely to exceed the central bank"s target range for a sixth time despite some deceleration in prices. Nicholas Mapa, a senior economist at ING, said recent economic data continues to point to a sluggish pace of recovery amid recession and virus curbs in the country, which is keeping the peso on the back foot. Pandemic-hit Indonesia"s stocks dropped 0.5% after posting its biggest daily jump in deaths from coronavirus, fuelling doubts about the timeline of lifting of curbs in the country. HIGHLIGHTS ** Indonesian 3-year benchmark yields are up around 3.6 basis points at 4.755% ** Top gainers on the Singapore STI include Wilmar International Ltd, up 1.8%, and Keppel DC REIT , up 1.6% ** In the Philippines, top index gainers are DMCI Holdings Inc, up 2.2%, and JG Summit Holdings Inc, up 1.9% Asia stock indexes and currencies at 0657 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan +0.05 -6.97 -0.64 4.20 China +0.19 +1.06 0.23 1.55 India +0.50 -1.75 0.68 13.22 Indonesia +0.37 -3.01 -0.53 0.20 Malaysia +0.19 -3.23 -0.27 -6.03 Philippines -0.30 -2.52 0.49 -1.45 S.Korea +0.28 -4.03 0.35 14.61 Singapore +0.10 -1.83 0.17 10.21 Taiwan +0.34 +2.10 1.18 21.63 Thailand +0.16 -6.81 0.00 8.91 (Reporting by Anushka Trivedi in Bengaluru; Editing by Shailesh Kuber) Our Standards: The Thomson Reuters Trust Principles.