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EMERGING MARKETS-Latam FX climb as dollar slips; Argentina stocks fall for second day

* IMF keen to support Argentina, likely through resilience trust * Brazil inflation tops forecasts; rate cuts still in sight * European fund giant Amundi dips toe back into Turkey's lira * Latam assets rise: FX 0.6%, stocks 1.2% (Updated at 3 pm ET/2000 GMT) By Ankika Biswas Nov 28 (Reuters) - Most Latin American currencies gained on Tuesday on improved risk appetite as the dollar slipped to a more than three-month low ahead of U.S. and euro zone inflation data this week, while Argentine stocks continued to lose ground. Further boosting risk assets, multiple Federal Reserve policymakers on Tuesday signaled the central bank could keep rates on hold for the rest of the year. The MSCI index for Latam currencies rose 0.6% against the U.S. dollar, on track for its biggest monthly gain since June. The greenback has lost nearly 4% in November on bets U.S. interest rates have peaked. The key triggers globally this week include China PMI on Wednesday, inflation readings from the U.S. and the euro zone, and an OPEC+ meeting all on Thursday. On the data front, Brazil's annual inflation of 4.84% was slightly above expectations in mid-November but remained within striking distance of the central bank's upper end of 1.75%-4.75% target range, likely allowing further interest rate cuts. Brazil's real, however, gained 0.5% against the greenback. Stocks rose 0.7%. "Moderate realized inflation support the continuation of a gradual easing cycle," Goldman Sachs analysts said in a note. However, they also added that a tight labor market backdrop, expansionary fiscal and quasi-fiscal policy, unanchored inflation expectations among others, demand some caution. A rise in commodity prices also lifted the currencies of the resource-rich Latin American countries. Higher copper prices boosted top producer Chile's peso by 0.4%, while an uptick in oil prices aided a 0.2% gain in Mexico's peso and 0.7% rise in Colombia's peso . The MSCI stocks gauge also rose 1.2%, on track for its biggest daily gains in over one week. The index is poised for its best month in three years. Argentina's benchmark stock index was down for a second day, losing over 8%, after recent sharp gains after the election of Javier Milei as president. The index has jumped 34% in November and has skyrocketed nearly four-fold so far this year. The International Monetary Fund's chief Kristalina Georgieva said the lender was "very keen" to support Argentina and the country could be a candidate to receive financing through its Resilience and Sustainability Trust. Elsewhere, Amundi, Europe's largest asset manager, started dipping its toe back into the Turkish lira, impressed by the country's turnaround efforts since its mid-year elections. The lira, which was about flat against the dollar on the day, has plunged nearly 85% over the last five years. Key Latin American stock indexes and currencies at 2000 GMT: Latest Daily % change MSCI Emerging Markets 986.79 0.95 MSCI LatAm 2468.71 1.22 Brazil Bovespa 126588.26 0.68 Mexico IPC 52387.56 0.32 Chile IPSA 5776.56 0.33 Argentina MerVal 775279.14 -8.106 Colombia COLCAP 1129.02 0.11 Currencies Latest Daily % change Brazil real 4.8719 -0.03 Mexico peso 17.1397 0.14 Chile peso 867.1 0.45 Colombia peso 3950.5 0.68 Peru sol 3.7163 -0.05 Argentina peso 359.5000 -0.14 (interbank) Argentina peso 925 7.03 (parallel) (Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru Editing by Bernadette Baum)

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