EMERGING MARKETS-Latin American assets subdued amid caution over US growth

By Nikhil Sharma

May 20 (Reuters) - Latin American stocks and currencies eased on Tuesday as investors took a breather after strong gains in the prior session, while caution over the U.S. growth outlook weighed on broader sentiment.

Brazil's local currency real BRL= weakened 0.3% and the local benchmark stock index .BVSP slipped 0.2%.

The world's largest chicken exporter has been under strain since the first commercial-farm outbreak of bird-flu was confirmed last week, prompting trade embargos from major importers.

In Colombia, the peso COP= dipped as a top Moody's analyst warned the country could face a ratings downgrade if it fails to stabilize public debt and comply with fiscal rule.

Chile's peso CLP= fell 0.4%, tracking lower copper prices.

Meanwhile global markets appeared to pause after a volatile session triggered by Moody's downgrading the U.S. sovereign credit rating citing deficit concerns. The rating cut came at a time when a sweeping tax-cut bill is headed for a vote in the House of Representatives later this week.

The dollar index =USD was down 0.25% on the day, continuing its selloff from Monday, while Wall Street's main indexes also fell. USD/ .N

"Seems like slowly but surely as much as there is doubt on the American economy, there's starting to be a little bit of doubt about how the global economy is going to handle that," said Juan Perez, director of trading at Monex.

The MSCI regional currencies index .MILA00000CUS dipped 0.1% following the previous day's gains. An index tracking regional equities .MILA00000PUS fell 0.4% after advancing over 1% on Monday.

Mexico was in a bright spot with the peso MXN= edging up 0.2% to hit a more than seven-month high. The local stock index .MXX eased 0.1%.

Elsewhere, the Romanian leu EURRON= was down 0.7% against the euro, relinquishing most of the gains it clawed back after Sunday's surprise presidential election victory of centrist Nicusor Dan over a hard-right rival.

Its central bank held out the prospect of policy easing later this year, given markets recover from recent election-induced turmoil.

Ukraine's international bonds slipped, with 2035 maturity bond XS2895057177=TE sliding close to two cents against the dollar, as investors weighed the possibility of an end to a three-year old Russian war in Ukraine.

U.S. President Donald Trump said after his planned call with Russian President Vladimir Putin that Moscow has agreed to immediately start negotiations for a ceasefire. But the Kremlin said Trump and Putin did not discuss a timeline for a ceasefire.

Key Latin American stock indexes and currencies: