Updates with Hong Kong open

By Tom Westbrook

SINGAPORE, Feb 4 (Reuters) - Hong Kong shares hit two-month highs, U.S. equity futures rose and currencies swung to-and-fro in big ranges as investors scrambled to keep up with sudden changes in U.S. trade policy.

S&P 500 futures ESc1 were up 0.4% on Tuesday and the dollar had reversed gains on Mexico's peso and the Canadian dollar, after promises to increase border enforcement prompted U.S. President Donald Trump to suspend imminent tariffs.

The euro EUR=EBS went on a white-knuckle ride to $1.0125 before roaring back to $1.0320 inside 24 hours as Trump's dealmaking seemed to underscore that everything was negotiable.

Hong Kong's Hang Seng .HSI was up 2.5%, even though an additional 10% tariff was due to hit Chinese goods from 0501 GMT, with electric vehicle makers leading the charge..HK

Li Auto 2015.HK was the top gainer in Hong Kong, with an 8% rise while shares in semiconductor maker SMIC 0981.HK rose more than 7% to a record high.

"We understand Trump is still using the same strategy or tactic - launching very threatening tariffs, but leaving room for negotiation," said Steven Leung, who handles institutional trading at stockbroker UOB-Kay Hian in Hong Kong.

"It all makes us feel that it's not a very firm policy yet," he said. "No need to worry too much."

European equity futures STXEc1 rose by a more cautious 0.2%. Oil, which had jumped, slipped and at $75.46 Brent crude futures LCOc1 were near to a one-month low.FRX/O/R

Bitcoin BTC= which had sunk close to $91,000 a day earlier, traded around $102,000.

"I think you see what we should get very used to, which is this kind of rollercoaster of public negotiation around tariffs and other policy," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky.

Australian shares .AXJO advanced 0.4% and Japanese .N225 stocks rose 1.7%, though gains were smaller than Monday's losses as trade-war fears swept financial markets.

Trump's press secretary said he will speak with Chinese President Xi Jinping in the next couple of days.

Chinese markets remain shut for the Lunar New Year break, though the offshore yuan CNH=D3 has climbed back to 7.3112 per dollar from as weak as 7.3765.

The Australian dollar AUD=D3 stood at $0.6206 after sinking as low as $0.6088 on Monday. The yen JPY=EBS, seen as a safe haven, eased 0.3% to 155.18 per dollar.

Gold XAU= struck record highs on Monday as worries of a worldwide trade war pushed investors to safety. It traded close to those levels at $2,813 an ounce on Tuesday while Treasury TNc1 futures ticked a little lower, with markets divided on whether there will be two or just one U.S. rate cut this year.

"The increase in policy uncertainty will be hard to put back in the bottle," noted J.P. Morgan's chief U.S. economist, Michael Feroli.

"For the Fed, the weekend's developments will likely reinforce their inclination to sit on the sidelines and to remain below the radar as much as possible."

(Reporting by Tom Westbrook in Singapore. Additional reporting by Stephen Culp and Nell Mackenzie; Editing by Cynthia Osterman, Jacqueline Wong and Shri Navaratnam)

((tom.westbrook@tr.com; +65 6973 8284;))