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third day of talks@ June 7 (Reuters) - Most Latin American currencies firmed on Friday as the dollar was pressured by much weaker-than-expected U.S. jobs data, while Mexico's peso was little changed ahead of trade and migration talks between Mexico and United States set to resume for a third day. The greenback slid after data showed that U.S. job growth slowed sharply in May and wages rose less than expected, making a stronger case for an interest rate cut by the central bank.
Brazil's real climbed 0.3%, while the Chilean peso was steady ahead of a central bank rate meeting. The bank is expected to keep the benchmark borrowing rate unchanged at 3%. Colombia's peso firmed 0.1%, on track to end a seven-week losing run and gain around 3% this week - its best since February last year. Mexico's peso was marginally lower, as investors awaited signs of concrete progress from the U.S.-Mexico talks on Friday. Mexico has ramped up efforts to curb the flow of migrants into the United States via its border, but it is unclear if the efforts will be enough to persuade U.S. President Trump to do away with or postpone a 5 percent tariff set to take effect on Monday. "Based on comments from the Trump administration, it's difficult to be optimistic that tariffs will be delayed," said Pilot Matys, emerging market FX strategist at Rabobank. The peso has fallen 3% since Trump's tariff threat late last week and a Reuters poll showed that tariffs could take the peso down to its lowest point this year. Mexico suffered another blow on Thursday, when rating agency Fitch downgraded the debt of Mexican state oil company Pemex to "junk." The day before Fitch had downgraded Mexico's sovereign credit rating, citing risks from Pemex and trade tensions.
Among stocks, Sao Paulo-traded shares rose 0.4% and were set to extend gains to a third week. Shares of state-run oil company Petroleo Brasileiro (Petrobras) were the biggest boost. Brazil's Supreme Court ruled on Thursday that state-run companies do not need congressional approval to sell their subsidiaries, allowing Petrobras to go ahead with planned divestitures.
Key Latin American stock indexes and currencies at 1342 GMT:
Stock indexes Latest Daily %
MSCI Emerging Markets 1005.22 0.25MSCI LatAm 2730.86 0.67Brazil Bovespa 97579.97 0.39Mexico IPC - -Chile IPSA 4931.18 0.09Argentina MerVal - -Colombia IGBC - -Currencies Latest Daily %
Brazil real 3.8683 0.35Mexico peso 19.7140 -0.15Chile peso 692.9 -0.10Colombia peso 3284.1 0.13Peru sol 3.336 0.00Argentina peso - -
(Reporting by Susan Mathew in Bengaluru;)