EMERGING MARKETS-FX, stocks head towards weekly drop over tariff jitters, eye US jobs data

By Ankita Yadav

Aug 1 (Reuters) - Most emerging market currencies and stocks were heading towards a weekly slump on Friday as markets assessed the possible impact of U.S. tariffs, while awaiting U.S. payrolls data that could give clues about the Fed's monetary policy path.

U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, ahead of a Friday trade deal deadline. They will come into effect in a week.

The administration said more trade deals were in the pipeline, while U.S. federal appeals court judges questioned Trump's use of emergency powers to justify the tariffs.

South Africa's rand ZAR= fell 0.5% to a more than 11-week low, after the country failed to clinch a bilateral trade deal before Washington's deadline, leaving it facing a 30% tariff.

Thailand, South Korea, Malaysia and Taiwan face duties between 15% and 20%, despite some trade deals. South Korea's won currency KRW= and Malaysia's ringgit MYR= dropped to multi-week lows against the U.S. dollar.

South Korean stocks .KS11 fell more than 3%, coming under additional pressure after the government proposed rolling back recent tax cuts.

"Markets continue to treat this (the new tariffs) with some diffidence, probably on the view that deals are still likely to be agreed in the coming weeks," said Francesco Pesole, FX strategist at ING Economics.

Turkey's lira TRYTOM=D3 was little changed, while most emerging European currencies were subdued against the euro. Hungary's forint EURHUF= and Poland's zloty EURPLN= both dipped 0.1% in morning trade.

In contrast, Russia's rouble RUB= was up 1% against the dollar, over-the-counter market data showed. Trump shortened a sanctions deadline on Russia to 10 days, this week.

Later in the day, investors will closely watch the U.S. employment report that could give some clues on the direction of the Federal Reserve's monetary policy path after the central bank held interest rates steady on Wednesday.

"Although the odds of September were reduced after the recent FOMC, rate cuts are coming at some point in the next several months and as that materializes, it could also weigh on the dollar," said Brad Bechtel, global head of FX at Jefferies.

Emerging market assets took a hit this week, after a trade deal with the European Union, dampened hopes of a September rate cut and strong U.S. economic data boosted the dollar to its highest level in two-months.

MSCI's index tracking global EM currencies .MIEM00000CUS was 0.3% lower, on track to log weekly declines, while the its equity gauge .MSCIEF was down 1.4%. The index is set to log its steepest weekly fall since early April.

Regional equities were mixed, with those in Poland .WIG down 2%, on track for their biggest one-day fall since early May, while ones in Hungary .BUX slipped 0.3%.

Stocks in Romania .BETI were flat, but were hovering around record highs.

Turkish stocks .XU100 dipped 0.2%, while ones in South Africa .JTOPI slid 1.3%, eyeing their worst week since March.

HIGHLIGHTS:

** Asia's factory activity worsens as US trade uncertainty bites

** Indonesia's exports rise again in June as U.S.-bound shipments jump

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For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB