EMERGING MARKETS-Latam assets mixed as investors monitor global trade developments

By Nikhil Sharma, Johann M Cherian and Purvi Agarwal

May 14 (Reuters) - Latin American currencies were mixed on Wednesday, as investors looked for hints on any upcoming trade deals, while major political developments in the region were also in focus.

MSCI's index for regional currencies .MILA00000CUS rose 0.1% to trade near a one-year high, as recent trade deals signed between the U.S. and two of its trade partners helped soothe some concerns over the global trade war.

Alejandro Cuadrado, global head of FX and LatAm Strategy at BBVA, said some assets were testing levels from pre-tariff announcements.

"Once you start hitting these kind of goal posts, there's a bit of questioning as to how much more risk you can accumulate... the market is taking a bit of a breather and trying to decide if this (gains) can continue."

In Mexico, the peso MXN= firmed 0.1% against the dollar. The country's central bank is set to meet on Thursday, where it is expected to deliver a 50-basis-point cut.

Mexico hopes to start a review of its trilateral trade agreement with the U.S. and Canada in the second half of this year, ahead of schedule, its economy minister said.

Colombia's peso COP= strengthened 0.8%, hitting its highest in more than a month earlier in the session. China and Colombia signed a joint cooperation plan on the Belt and Road Initiative, state media said.

Beijing has been growing its influence in Latin America and the Caribbean, a region of strategic significance for the U.S. following the trade standoff between the world's two largest economies.

Most other currencies were lower against the dollar, with the Chilean peso CLP= and the Brazilian real BRL= down about 0.3% each.

Data showed services activity in Brazil grew at a slower pace than expected in March amid indications that its central bank could keep interest rates higher for longer.

Argentina's peso ARS=RASL was down 0.5%. Data showed monthly inflation slowed down to 2.8% in April, below estimates.

Peru's sol PEN= slipped 0.5% and hard-currency bonds were marginally lower after Prime Minister Gustavo Adrianzen resigned on Tuesday, and President Dina Boluarte tapped the justice minister for the role.

A gauge for regional stocks .MILA00000PUS was 0.3% higher. Gains in indexes in Mexico .MXX and Chile .SPIPSA offset a 1.2% and 0.4% decline in Colombia's COLCAP .COLCAP and Brazil's Bovespa .BVSP, respectively.

Elsewhere, Bolivian dollar bonds maturing in 2030 USP37878AE81=TE rose about one cent on the dollar. The country's President Luis Arce said he would not run for re-election in August voting.

Korea's won KRW= appreciated 0.9% after an official said representatives of South Korea and the U.S. met to discuss the dollar/won market on May 5.

U.S. President Donald Trump's tour of the Middle East region was also in focus where he met with Syrian counterpart Ahmed al-Sharaa and urged him to establish ties with longtime foe Israel, after a surprise announcement that the U.S. would lift all sanctions on the Islamist-led government.

Meanwhile, the International Monetary Fund is set to release $1.3 billion to Bangladesh in June following the fourth review of its loan programme and a breakthrough in talks on exchange rate reforms.