SINGAPORE -- The Philippine peso jumped Wednesday as oil prices continued to fall, but other Asian currencies stayed range bound as investors awaited further US economic data later in the week.

The Philippine peso firmed 0.7 percent to P44.07 per dollar in morning trade following a slide of more than $2.00 in oil on Tuesday, relieving investors' concerns about a weakening trade balance in the Philippines, which imports most of its crude oil needs.

"The peso is strengthening a bit as oil overnight dropped to around $120, and the Dow Jones' rally further supported confidence in the Asian bourses," a trader in Manila said.

Oil fell to an intra-day low of $120.42 Tuesday, its lowest since May 6, and down about $27 from a record high earlier this month.

Prices steadied around $121.70 Wednesday.

Softer oil prices buoyed the South Korean won, which inched up by 0.3 percent to 1,006.2, helped also by a rise in local stocks off the back of a 2.0-percent rise in US equities Tuesday.

The US dollar steadied near a one-month high against a basket of currencies on Wednesday after data on Tuesday showed an unexpected rise in American consumer sentiment in July, and the latest write-down and share sale by Merrill Lynch hinted at a possible turning point in the credit crisis.

The Singapore dollar took a beating from the stronger US currency, dropping by 0.5 percent to 1.3687 per US dollar and taking it close to a five-week low hit on Tuesday.

Vishnu Varathan, an economist at Forecast, said the Singapore dollar could weaken to 1.37 in the near term.

"The slower yuan appreciation pace could add to the weakness in the Singapore dollar," he said in a note.

The Taiwan dollar inched down to a two-month low of 30.4960, but the move was limited by the weakness in oil prices.

Other Asian currencies, such as the Malaysian ringgit and Thai baht, stayed in tight ranges as investors remained cautious ahead of the US ADP national employment survey due later in the day. That will give financial markets a steer on Friday's July employment report.

Thailand's cabinet appointed a new Bank of Thailand board on Tuesday that analysts said may lead to a watering down of the central bank's efforts to rein in inflation.

Markets in Indonesia are closed for a public holiday.