EMERGING MARKETS-Latam assets mixed as Trump's Iran comments cool commodity rally

By Ragini Mathur, Twesha Dikshit and Johann M Cherian

Jan 15 (Reuters) - Stocks and currencies across resource-rich Latin America were mixed on Thursday as commodity prices eased and the U.S. dollar strengthened, following President Donald Trump's more moderate comments regarding Iran and the Federal Reserve.

Latam assets rallied earlier this week as prices of top export commodities from the region, such as crude oil and safe-haven gold, soared on simmering geopolitical tensions in Iran. However, those worries eased after Trump backed away from threats of U.S. military action against the oil-rich country.

Investors also took comfort as Trump stated in a Reuters interview that he has no plans to dismiss Federal Reserve Chair Jerome Powell, who is facing a Justice Department criminal investigation.

The relief had Brazil's real BRL= drift 0.6% higher, along with Mexico's peso MXN= rising by 0.8%. However, a stronger dollar capped gains as U.S. data reflected resilient labor conditions, tempering expectations for an imminent interest rate cut by the Federal Reserve.

Among laggards, a 4% slide in oil prices weighed on exporter Colombia COP=, which slipped 0.5%, while Chile's peso CLP= edged down 0.2%, tracking lower copper prices.

MSCI's Latin American currency gauge .MILA00000CUS edged up 0.5% and was pinned at a record high.

"EM asset allocation in general is still recovering from several years of U.S. exceptionalism," BNY's strategist Geoff Yu said in a note.

TRADE DEALS IN SPOTLIGHT

Negotiations of the free trade deal between the U.S., Canada and Mexico are likely a pivotal event this year. Mexico's Economy Minister Marcelo Ebrard said the trilateral trade pact is already in the review phase and could be concluded by July.

"There has been a lot of debate with the flow of drugs and immigration from Mexico to the U.S. and the threats of unilateral and military action and precise targets in Mexico. So ... you might see more concessions to the Americans in the trade side," said Eduardo Ordóñez Bueso, an emerging markets debt portfolio manager at BankInvest.

Earlier this month, Latam trade bloc MERCOSUR finalized a trade deal with the EU.

On the equities front, MSCI's regional index .MILA00000PUS rose 0.5% to hit a six-year high, with Brazil's Bovespa .BVSP up 0.4%.

Attention was on Brazil's Central Bank's announcement of the extrajudicial liquidation of Reag Trust Distribuidora de Títulos e Valores Mobiliários, an asset management company linked to the Banco Master fraud in the fuel sector.

Colombian stocks .COLCAP rose 1%. President Gustavo Petro said he would meet with Trump on February 3, just days after being threatened with potential U.S. military action.

On the flipside, equities in Argentina .MERV and Chile .SPIPSA fell 1% each and Mexico's benchmark .MXX dipped 0.1%.

Elsewhere, Taiwan signaled that a tariff deal with the United States could come soon. iShares MSCI Taiwan ETF EWT.N gained 1.4% in U.S. trading.

Key Latin American stock indexes and currencies at 1432 GMT: