EMERGING MARKETS-Mexico, Chile pesos gain after US inflation data

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Fri Dec 14, 2012 8:22pm EST

  * Brazil economic activity picks up in October      * China manufacturing sector growth accelerates      * Brazil real dips 0.07, Mexico peso firms 0.46          MEXICO CITY, Dec 14 (Reuters) - Mexico's peso gained and  Chile's currency hit a nearly two-month high on Friday after a  drop in U.S. inflation backed bets that ultra-easy monetary  policy in the United States will keep pushing investors toward  emerging markets.      Mexico's peso gained 0.46 percent to 12.7485 per  dollar while Chile's peso firmed 0.21 percent 473.80  per dollar to its strongest since October.       U.S. data showed consumer prices fell in November for the  first time in six months. The U.S. Federal Reserve this week,  for the first time in its history, announced it would link its  policy to the level of joblessness and inflation.          The prospect of low interest rates in the United States for  an extended period boosts the appeal of higher-yielding emerging  market assets.      Latin American finance ministers said on Friday they are  worried stimulus measures in the developed world will trigger  more capital flows that could further strengthen the region's  currencies and hurt local manufacturers.       China's manufacturing sector expanded in December at its  fastest pace in 14 months, adding to evidence of an economic  pickup that helped support global market sentiment.         In Brazil, the most recent economic data also suggested the  economy was recovering, but not enough to cause investors to  change their bets that the country's base Selic rate will remain  stable in 2013.       Brazil's real  slipped 0.07 percent to 2.0842  per dollar. The currency has been trading around 2.07 and 2.08  this week after intervention by the central bank dragged the  real back from a 3-1/2 year low.        Latin American FX prices at 0030 GMT:         Currencies                       daily %  year-to                                     change   date %                            Latest            change   Brazil real              2.0842    -0.07    -10.4                                                Mexico peso             12.7485     0.46      9.6                                                Argentina peso*          6.5100     0.15    -27.3                                                Chile peso             473.8000     0.21      9.6                                                Colombia peso        1,796.2000     0.02      7.9                                                Peru sol                 2.5600     0.20      5.4                                                * Argentine peso's rate between                     brokerages  

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