Retreating dollar lifts currencies, Brazil's real cheers GDP



(Reuters will not be publishing its EMEA-focused emerging market reports on Thursday and Friday on account of UK holidays. Coverage will be resumed on Monday, June 6.)

* Mexico's Pemex to launch $2 bln debt swap Thursday -source

* Brazil GDP growth picks up as pandemic effects recede

* Chile interest rate seen rising to 9% in June- cenbank poll

* Paris Club aims for deal with Argentina "in coming weeks"

By Susan Mathew and Bansari Mayur Kamdar

June 2 (Reuters) - Most emerging market currencies firmed on Thursday as the dollar weakened, with the Chilean peso hitting over one-month highs, while Brazil's real got a boost from revisions in growth forecast for Latin America's largest economy.

The greenback slid 0.7%, retreating from recent gains as firmer risk sentiment prompted investors to reach for higher-yielding currencies. China's yuan CNY= firmed 0.4%, South Africa's rand ZAR= rose 0.7%, while Russia's offshore rouble RUB= firmed to 61.65 per dollar.

"You're seeing the market reset its Federal Reserve rate hiking expectations after softness in U.S. economic data," said Edward Moya, senior market analyst at OANDA.

In Latam, Brazil's real BRBY BRL= firmed 0.5%, looking to make back some of Wednesday's 1.7% slide.

But volatility in Brazil's real is set to increase near-term as October's presidential vote becomes the key focus, a Reuters poll of Latam currencies showed.

Data showed Brazil's economic growth accelerated slightly less than expected, at 1% in the first quarter from the fourth quarter, but it is seen gaining steam in the second half as an improving labor market boosts household spending.

"The data today was still bad news for the Brazilian President," said Moya, noting that it could hurt Jair Bolsonaro's re-election chances.

"Across the globe, we're seeing soft economic data because inflation has not eased up, It's persisted a lot longer at this elevated state that is really taking a big hit on emerging markets."

Copper producer Chile's peso CLP= jumped 1.3%. Prices of the red metal rose as the lifting of COVID-19 restrictions in top metals consumer China buoyed hopes of demand recovery.

Chile is expected to hike its benchmark interest rate this month to 9% from 8.25%, a central bank poll showed.

Central bankers around the world are walking a tight rope as they try to manage surging inflation with tighter monetary policy while keeping economies from tipping into recession.

Hungary's central bank raised its one-week deposit rate by 30 basis points to 6.75% as expected on Thursday.

Developing world currencies will struggle to hold on to recent gains towards year-end as U.S. Federal Reserve interest rate hikes and inflation concerns keep the dollar in the forefront, according to a Reuters poll.

Among stocks, Brazil's Bovespa .BVSP rallied almost 1% to lead gains in Latin America, tracking the jump in stocks globally.

In Mexico, state oil company Petroleos Mexicanos (Pemex) plans to launch a $2 billion issue of global unsecured notes Thursday, due 2029, according to a source, using proceeds to pay suppliers and contractors.

Pemex has $109 billion in financial debt, according to its latest quarterly results. Default worries about Pemex have hit Mexico's sovereign credit rating in the past.

The Paris Club of creditor countries said it aimed to wrap up "in the coming weeks" a renegotiation of $2 billion in debt that Argentina owes.

Key Latin American stock indexes and currencies at 1913 GMT:

Stock indexes

Latest

Daily % change

MSCI Emerging

1063.53

-0.41 Markets

.MSCIEF

MSCI LatAm

2458.41

0.78 .MILA00000PUS

Brazil Bovespa

112421.38

0.95

.BVSP

Mexico IPC

50894.63

-1.19

.MXX

Chile IPSA

5356.71

1.09

.SPIPSA

Argentina

91598.75

0.251 MerVal

.MERV

Colombia COLCAP

1607.54

0.19

.COLCAP

Currencies

Latest

Daily % change Brazil real

4.7927

0.27

BRBY

Mexico peso

19.5604

0.63

MXN=D2

Chile peso

812.9

1.33 CLP=CL

Colombia peso

3764.6

0.74 COP=

Peru sol

3.6926

0.88 PEN=PE

Argentina peso

120.4600

-0.11 (interbank)

ARS=RASL

Argentina peso

203

1.48 (parallel)

ARSB=


Reporting by Susan Mathew and Bansari Mayur Kamdar in Bengaluru; Editing by Alistair Bell and Richard Chang

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