Brazil's real at over 3-month high as commodities boost Latam FX



* Ukraine central bank hikes by 100 bps to 10%

* Turkey holds rates, analysts split on next move

* Commodity-linked FX cheers Chinese policy easing

By Susan Mathew and Ambar Warrick

Jan 20 (Reuters) - Brazil's real hit a more-than three-month high on Thursday, supported by strong iron ore prices, while most other Latin American currencies advanced as pressure from rising U.S. Treasury yields eased.

The real BRBY BRL= jumped 1.5% to its highest level to the dollar since early October, tracking gains in iron ore prices as major importer China eased monetary policy further to boost economic growth.

Brazilian central bank chief Campos Neto flagged concerns over rising inflation, and said the bank was ready to act if it saw discrepancies in currency markets, likely pointing towards more policy tightening.

Copper prices also rose on optimism over Chinese demand, pushing up currencies of major exporters Chile CLP= and Peru PEN= by 0.9% and 0.7%, respectively.

Peru's sol hit a near seven-month high as MMG's 1208.HK Las Bambas copper mine inked a deal with local residents to avoid future road blockades that could disrupt operations and hurt the country's key copper exports.

Mexico's peso MXN= rose 0.2%. Focus now turns to President Andres Manuel Lopez Obrador's plan to tighten state control over electricity generation, ahead of a visit by a top U.S. energy official.

Broader emerging market currencies rose as U.S. Treasury yields retreated from recent peaks. But sentiment towards risk-driven assets remained fragile, with interest rates in the developed world set to rise this year.

Thursday also saw central bank decisions from several emerging economies: China eased its policy further to spur economic growth, Indonesia, Malaysia and Turkey held their key rates steady, while Sri Lanka and Ukraine hiked.

Ukraine raised rates by 100 basis points to 10% to tackle persistently high inflation and the economic fallout from a standoff with Russia.

Ukraine and Russian dollar bonds RU000A0JXU22=TE XS1577952952=TE slipped as U.S. President Joe Biden predicted a move into Ukraine by Moscow and as the European Union and the United States readied sanctions to be imposed on Russia in case of an invasion.

The Russian rouble RUB fell 0.6% while Ukraine's hryvnia UAH= eased 0.1%.

U.S. economists were split on what Turkey's central bank would do next after pausing its easing cycle to hold rates at 14% on Thursday. JPMorgan expects it to stay on hold for the rest of 2022 but Goldman Sachs predicts a U-turn and a rate hike in the second quarter.

The lira TRY= , which was the worst performing currency in the world in 2021, rose 0.3%.

Key Latin American stock indexes and currencies:

Latest

Daily % change MSCI Emerging Markets

1258.17

1.48 .MSCIEF

MSCI LatAm

2269.89

2 .MILA00000PUS

Brazil Bovespa

109734.86

1.59 .BVSP

Mexico IPC

52805.71

-0.03 .MXX

Chile IPSA

4486.59

0.38 .SPIPSA

Argentina MerVal

85543.00

2.412 .MERV

Colombia COLCAP

1559.35

-1.48 .COLCAP

Currencies

Latest

Daily % change Brazil real

BRBY

5.3869

1.47

Mexico peso

20.4620

0.20 MXN=D2

Chile peso

CLP=

801.4

0.85

Colombia peso COP=

3971.01

0.49 Peru sol

PEN=PE

3.8273

0.73

Argentina peso

104.3100

-0.06 (interbank) ARS=RASL


Reporting by Susan Mathew and Ambar Warrick in Bengaluru; Editing by Bernadette Baum, Kirsten Donovan

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