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EMERGING MARKETS-Latam FX little changed in pause before Trump speech

MEXICO CITY, Feb 27 (Reuters) - Latin American currencies were little changed on Monday but remained vulnerable to new signs of protectionism by the United States that could hit emerging markets.

The pesos of Mexico, Chile and Colombia were mostly flat, and Brazil, the region's top market, was closed for the Carnival holiday.

Investors moved to the sidelines before Tuesday's speech by U.S. President Donald Trump to a joint session of Congress, where he is expected to unveil some elements of his plans to cut taxes and boost infrastructure spending.

J.P. Morgan analysts told clients they expected Trump's speech to "probably contain more negative EM (emerging markets) language," although no dramatic anti-trade actions.

Mexico's peso has rallied back more than 10 percent from a record low hit just before Trump's inauguration last month.

The peso's gains have been partly fueled by bets that the United States will not end up raising major barriers on U.S.-bound Mexican goods.

Mexico's IPC stock index rose 0.6 percent as shares in cement maker Cemex rose more than 3 percent Shares in Mexican bottler and retailer Fomento Economico Mexicano (Femsa) edged up 0.2 percent after it reported a 23 percent rise in fourth-quarter profit.

Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 939.49 -0.43 9.42 MSCI LatAm 2613.23 -0.19 11.86 Brazil Bovespa 66662.10 closed 10.68 Mexico IPC 47349.20 0.64 3.74 Chile IPSA 4346.44 0.06 4.70 Chile IGPA 21742.65 0.08 4.86 Argentina MerVal 19117.45 -2.15 13.00 Colombia IGBC 9958.63 0.19 -1.67 Venezuela IBC 35710.09 2.22 144.79 Currencies daily YTD % % change change Latest Brazil real 3.1100 closed 26.91 Mexico peso 19.9100 0.03 -13.46 Chile peso 646.28 -0.04 9.81 Colombia peso 2891.3 -0.11 9.61 Peru sol 3.251 0.06 5.01 Argentina peso (interbank) 15.4750 0.23 -16.11 Argentina peso (parallel) 16.23 0.18 -12.08 (Reporting by Michael O'Boyle; Editing by Peter Cooney)