EMERGING MARKETS-Currencies firm after strong U.S. jobs data; Brazil stocks rally 2%

* Brazil's real up 1.2%, but outlook bleak -economist * Russian rouble, S.African rand cut losses after U.S. data * Banco Bradesco rallies after 3rd-qtr beat * Argentine cenbank advises against increasing dollar reserves By Susan Mathew Nov 5 (Reuters) - Emerging market currencies firmed on Friday, with Brazil's real jumping over 1%, after strong job numbers from the United States and a COVID-19 pill from Pfizer increased optimism about global economic recovery. Most currencies hit session highs, with those of Russia and South Africa erasing session losses of over 0.6% after U.S. nonfarm payrolls increased by 531,000 jobs last month, compared with estimates for 450,000 jobs. The unemployment rate fell to 4.6% from 4.8% in September. Most Latin American currencies also firmed, with Mexico's peso rising 0.3%, putting MSCI's index of EM currencies on track to cut almost all its losses this week. Pfizer Inc's experimental antiviral pill for COVID-19 was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease. This propped up travel and tourism-related stocks globally. However, some caution kicked in after a U.S. central banker said the case for patience regarding monetary policy tightening had diminished. Riskier currencies thrive on U.S. rates staying low because they benefit from the interest rate differential that increases their appeal for so-called carry trade, in which investors borrow in a low-yielding currency to invest in higher-yielding assets. Brazil's real led gains in Latin America and was on course to end the week almost 2% higher. But in Brazil the outlook for financial markets looks bleak, Capital Economics said in a note to clients. "We don't think a rebound in Brazil's financial markets is imminent, as we doubt the headwinds facing them are likely to go away any time soon," they said, citing monetary policy being tightened at the risk of economic growth, slowing economic growth in export destination China, and mounting political and fiscal concerns. Sao Paulo-listed stocks jumped 2% to lift up from one-year lows hits last session. Banco Bradesco was the top boost, up 6.9% on raising its outlook for lending and fees after its quarterly profits topped estimates. Most other Latam bourses also gained, while Mexico's IPC index inched lower. In Argentina, the central bank said it ordered local financial institutions not to increase the amount of reserves held in foreign currencies this month, amid foreign exchange rate uncertainty ahead of Nov. 14 congressional elections. Peru's sol rose from three-week lows after Congress on Thursday confirmed a new moderate left Cabinet, while Colombia's peso hit lows not seen since August despite an upgrade to its economic growth forecast by the finance ministry. Key Latin American stock indexes and currencies at 1416 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1265.42 -0.24 MSCI LatAm 2158.33 1.54 Brazil Bovespa 105479.16 2 Mexico IPC 51831.15 -0.08 Chile IPSA 4489.79 0.37 Argentina MerVal - - Colombia COLCAP 1398.98 0.49 Currencies Latest Daily % change Brazil real 5.5407 1.21 Mexico peso 20.4830 0.27 Chile peso 813.5 0.06 Colombia peso 3881.73 -0.31 Peru sol 4.01 -0.17 Argentina peso 99.9300 0.04 (interbank) (Reporting by Susan Mathew in Bengaluru; Ediiting by Steve Orlofsky)