(Updates prices) By Susan Mathew Nov 25 (Reuters) – Most emerging market currencies fell on Friday, as the U.S. dollar clawed back some lost ground, while Mexico's peso rose after data showed the economy grew in the third quarter. MSCI's index of emerging market currencies pared almost all its gains for the week, as it fell 0.3% on Friday as the dollar rose 0.2%. The dollar broke a three-day losing streak that was driven by rhetoric from members of the U.S. Federal Reserve as well as minutes of the November meeting that showed the central bank intends to slow its pace of interest rate hikes. While most emerging market currencies fell, those of Colombia and Mexico firmed. Data on Friday showed Mexico's economy grew a less-than-expected 0.9% in the third quarter from the previous three-month period, boosted mainly by the primary sector and despite an ongoing aggressive monetary tightening cycle. Peru's sol slipped 0.2% after leftist Peruvian President Pedro Castillo accepted the resignation of his prime minister, Anibal Torres, and said he will reshuffle his cabinet amid a lengthy battle between the executive and legislative branches of the government. JPMorgan strategists had said earlier this week that potential impact on markets from political risks in Peru would likely prove more limited than in 2021. But they warned that political instability would continue weighing on investment potential, and that regulatory risks remain high. Brazil's real led declines in Latam, down 1.6% and on course for its third straight weekly decline in the wake of fiscal uncertainty stemming from plans of the incoming government. Brazil President-elect Luiz Inacio Lula da Silva will give "full priority" to kicking off tax reform early in his administration, close aide and former Sao Paulo mayor Fernando Haddad said on Friday. Brazil's current account deficit in October came slightly lower than expected, central bank data showed on Friday, though federal public debt increased due to interest payments. Sao Paulo stocks dropped 2.7% with oil major Petrobras among the biggest decliners. A first meeting of the government's transition team with Petrobras' Chief Executive Caio Paes de Andrade is scheduled for Monday. President-elect Luiz Inacio Lula da Silva was expected to decide who would be Petrobras' next chief executive by early December, but the current CEO aims to stay until April, sources said. Meanwhile, Colombia's central bank expects annual inflation to surpass 11 % at the end of 2022, decelerating to around 7% in 2023, a trajectory that is compatible with inflation returning to the bank's target of 3% target by the end of 2024. The currency peso rose 0.9%. Reuters reported Argentina was aiming to revive its 'soy dollar' FX rate until year-end. Key Latin American stock indexes and currencies by 1439 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 939.30 -0.66 MSCI LatAm 2145.72 -2.99 Brazil Bovespa 108776.61 -2.73 Mexico IPC 51586.44 -0.76 Chile IPSA 5249.57 -0.46 Argentina MerVal 162451.47 0.941 Colombia COLCAP 1261.27 -0.53 Currencies Latest Daily % change Brazil real 5.4083 -1.84 Mexico peso 19.3150 0.27 Chile peso 921.7 -1.25 Colombia peso 4861.6 0.89 Peru sol 3.8455 -0.15 Argentina peso (interbank) 165.5800 -0.19 Argentina peso (parallel) 316 0.95 (Reporting by Susan Mathew and Devik Jain in Bengaluru; Editing by Emelia Sithole-Matarise)
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