FX, stocks firm as dollar nurses losses ahead of U.S. inflation data



* U.S. CPI data due 1230 GMT

* China to roll out measures to stabilise economy

* Lazard in talks with China, India, Japan on Sri Lanka debt

By Amruta Khandekar and Anisha Sircar

Sept 13 (Reuters) - Emerging market currencies extended gains to a fourth consecutive day on Tuesday as the dollar nursed losses ahead of data that could show the U.S. inflation is peaking, while stocks hit their highest level this month.

MSCI's index of EM stocks .MSCIEF rose 0.6% to its highest level since Sept. 1, led by a jump in Asian shares as upbeat sentiment prevailed ahead of U.S. CPI numbers due at 1230 GMT that could determine the severity and pace of the Federal Reserve's tightening policy.

The Hungarian forint HUF= hovered close to a one-month peak while the South African rand ZAR= was not far from its two-week high of 17.017.

A decline in commodity prices in recent weeks has spurred hopes of a softer U.S. inflation reading in August, hurting the dollar and providing a boost to battered EM stocks and currencies.

"The hope is that (the CPI numbers) will take the pressure off from the Fed to continue with the rate hiking cycle... Focus is on possible relief on the inflation side, and also news about Ukraine's advances that is driving the market," said Jakob Christensen, head of global macro research at Danske Bank.

Since Moscow abandoned its main bastion in northeastern Ukraine on Saturday, Ukrainian troops have recaptured dozens of towns in a stunning shift in battleground momentum.

"But if core inflation surprises on the upside, I think we will see quite a selloff in emerging markets... Overall, beyond the near term, the situation is looking quite challenging for emerging markets."

Meanwhile, Chinese shares .SSEC .CSI300 rose up to 0.4%. China will continue to roll out phased policies to stabilise its economy and implement them as soon as possible, state media cited Premier Li Keqiang as saying.

Elsewhere, the Czech current account posted a deficit of 24.2 billion crowns ($1.00 billion) in July, down from a revised 49.4 billion crown gap in June, central bank data showed. Analysts polled by Reuters had forecast a deficit of 37.4 billion crowns.

Focus is also on current account data from Poland due later in the day. The Polish zloty EURPLN= weakened 0.2% against the euro, while the Czech crown EURCZK= was up 0.1%.

The Turkish lira TRY= steadied against the dollar. The country's industrial production expanded 2.4% year-on-year in July, much lower than expectations, data showed.

Financial advisory group Lazard LAZ.N has started talks with India, China and Japan on restructuring Sri Lanka's debt, a Sri Lanka government spokesman said, as the crisis-hit island nation seeks an International Monetary Fund bailout.

For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Anisha Sircar and Amruta Khandekar in Bengaluru; Editing by Krishna Chandra Eluri

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