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EMERGING MARKETS-Brazil real at 5-month high on GDP data, oil lifts Colombian peso

    * Brazil economy rebounds to pre-pandemic level
    * Colombian peso at 2-week highs on rising oil prices
    * Peruvian sol falls ahead of weekend election

 (Adds bullets, details; Updates prices throughout)
    By Susan Mathew and Shreyashi Sanyal
    June 1 (Reuters) - Brazil's real rose more than 1% to lead
Latin American currencies higher on Tuesday after data showed
faster-than-expected economic growth, while surging oil prices
pushed the Colombian peso to a two-week high. 
    The real touched a five-month peak. GDP
expanded by 1.2% in the first quarter for the third consecutive
quarter of growth, taking Latin America's largest economy back
to its size at the end of 2019 before the pandemic.
    With COVID-19 cases surging and government expenditures at
the risk of breaching a spending cap, investors have remained
wary of Brazil markets. But rising commodity prices this year as
economies reopen after coronavirus curbs have helped improve
sentiment. 
    Meanwhile, oil exporter Colombia's peso rose 1.1%,
after Brent crude hit its highest since March on expectations of
growing fuel demand. 
    Mexico's peso was flat, while Chile's peso
fell 0.5% against a dollar which awaits U.S. jobs data due later
this week to assess the health of the world's biggest economy
and for clues on the Federal Reserve's policy stance.
    Peru's sol lost 0.7% as anticipation builds for a
presidential election over the weekend with the two leading
candidates - right wing Keiko Fujimori and socialist Pedro
Castillo - neck-and-neck in polls. This comes after a Castillo
win looked most likely after the first-round vote.
    "This narrowing (in polls) is consistent with our view that
Fujimori has room to improve in the final week," strategists at
Citi Research said. 
    Peruvian markets, considered a safe haven in Latam, have
been pressured by the vote, with the sol hitting all-time lows
in recent weeks on the prospect of a socialist leadership.   
    Among stocks, Brazil's Bovespa gained 1.4% with
energy firm Cosan SA rising 3.4% after it said that
Raizen Combustiveis, its joint venture with Royal Dutch Shell
PLC, is expected to file for an initial public offering
in the next few days.
    
    Key Latin American stock indexes and currencies at 1848 GMT;
 
    
          Stock indexes                  Latest    Daily %
                                                   change
 MSCI Emerging Markets                    1391.00     1.07
 MSCI LatAm                               2608.75     1.91
 Brazil Bovespa                         128027.02     1.44
 Mexico IPC                              50949.46     0.12
 Chile IPSA                               4389.36     0.76
 Argentina MerVal                        61156.17    3.184
 Colombia COLCAP                          1221.49     1.71
                                                          
             Currencies                  Latest    Daily %
                                                   change
 Brazil real                               5.1581     1.28
 Mexico peso                              19.9466     0.00
 Chile peso                                   726    -0.48
 Colombia peso                            3664.05     1.14
 Peru sol                                   3.862    -0.70
 Argentina peso (interbank)               94.7300    -0.04
                                                   
 Argentina peso (parallel)                    152     3.29
                                                   
 
 (Reporting by Susan Mathew and Shreyashi Sanyal in Bengaluru;
Editing by Jonathan Oatis and Alison Williams)
  
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