EMERGING MARKETS-EM assets range-bound ahead of key US data

By Pranav Kashyap

Sept 2 (Reuters) - A gauge tracking emerging market stocks and currencies was slightly lower on Tuesday as investors braced for U.S. data that could potentially redraw the Federal Reserve's interest rate map.

The MSCI index for emerging market stocks .MSCIEF and a similar gauge for currencies .MIEM00000CUS were down 0.2% each.

Most equities in central and eastern Europe were trading lower, with a broad index for the region .MIME00000PUS down 1.5%.

Polish stocks .WIG20 extended losses for a fifth straight session, sliding 1.1% to an over two‑month low and setting up their longest losing streak of the year.

The National Bank of Poland kicked off a two‑day meeting and is widely expected to trim rates by 25 bps to 4.75% on Wednesday.

Yet nerves persist over what comes next as Polish policymakers were balancing softer‑than‑expected inflation against widening budget deficits that could complicate the path ahead.

The zloty EURPLN= slipped 0.1%, snapping a three-day winning streak against the euro.

Meanwhile, in the U.S., with the dynamics of the labour market under the microscope, investors are waiting for a run of data that could potentially recalibrate expectations for the Fed's next move.

Job openings and private payrolls data are due on Thursday, followed by nonfarm payrolls on Friday, with August inflation data scheduled for September 11.

Indonesian stocks .JKSE rebounded 1.3% - the biggest intraday pop in two weeks, marking the first climb since thousands of protesters clashed with police near parliament late last week.

"Renewed protests in Indonesia remain possible, but we expect tensions to ease as conciliatory government measures take effect," UBS analysts said.

"While uncertainty may linger in the near term, we think compressed valuations have opened up opportunities to buy-the-dip in select high-quality dividend stocks."

Bonds were slightly lower, but the rupiah IDR= was steady, supported by Bank Indonesia's recent interventions in the currency market.

South Korean stocks .KS11 rose nearly 1% after August inflation slowed to a nine-month low, data showed. Traders were currently pricing in an almost 70% probability of a 25 bps rate cut during the central bank's October meeting, according to LSEG data.

Indian stocks .NSEI, .BSEI gave up early gains to last trade marginally lower. The country's top lender, State Bank of India SBI.NS plans to raise funds by issuing dollar-denominated bonds, days after S&P Global Ratings upgraded the country's sovereign credit rating.

Elsewhere, Chinese equities cooled from multi-year highs hit recently. Shanghai stocks .SSEC eased 0.4%, while Hong Kong's Hang Seng Index .HSI was down 0.5%.

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