By Purvi Agarwal

July 21 (Reuters) - Most emerging market currencies steadied while stocks were mixed on Monday as investors awaited trade developments in the U.S. and central bank decisions in emerging Europe.

Markets took a breather after a week packed with concerns over trade tariffs impacting U.S. inflation and worries over the Federal Reserve's independence as President Donald Trump kept open the possibility of firing chair Jerome Powell.

Most EM currencies stabilized, with South Africa's rand ZAR= 0.1% higher against the greenback, while Turkey's lira TRYTOM=D3 was little changed.

Russia's rouble RUB= bounced back by 0.5% against the dollar, over-the-counter market data showed. The currency fell 0.8% in the previous session after the European Union agreed an 18th package of sanctions against Russia.

Currencies in emerging Europe were subdued against the euro. Central banks in Hungary, Turkey and Russia are scheduled to announce interest rate decisions this week.

MSCI's gauge tracking global EM currencies .MIEM00000CUS was down 0.1%, after logging declines for the last two weeks.

"Emerging markets moved following the U.S. CPI report and comments from Trump that he would want to fire Powell... now it's just a period of calm," said Giulia Bellicoso, markets economist at Capital Economics.

Meanwhile, investors kept an eye on any trade developments with the United States. The Philippine president is meeting Trump this week, hoping to clinch a trade deal.

Only the UK, China, Indonesia and Vietnam have agreed a trade deal with the U.S. since Trump's sweeping duties roiled global markets, however, investors are betting on more ahead of the revised August 1 deadline.

"If tariffs were to come into effect, it would be a big shock for markets as they're cautiously optimistic about the outlook and still hope for negotiations," said Bellicoso.

Stocks in emerging markets were slightly higher, with MSCI's global EM stocks index .MSCIEF up 0.2% on the day.

Bourses in Hungary .BUX and Romania .BETI were down 0.3% and 0.5% respectively, while South African stocks .JTOPI were up 0.4%.

Ones in Turkey .XU100 gained 1.8%, trading at their highest levels since March 17.

Gains came in from heavyweight Asian stocks, with Singapore's index .STI touching a record high for a 14th consecutive session. The local central bank plans to place about S$ 1.1 billion with asset managers to boost the stock market.

The yuan eased slightly against the dollar after China's central bank left benchmark lending rates unchanged, in line with market expectations.

HIGHLIGHTS:

** Trump, Xi might meet ahead of or during October APEC summit in South Korea, SCMP reports

** Congo, M23 rebels pledge in Qatar to reach peace deal next month

** Zambia sees economic growth picking up to 6.4% next year

For TOP NEWS across emerging markets nTOPEMRG

For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB

(Reporting by Purvi Agarwal and Ankita Yadav in BengaluruEditing by Christina Fincher)

((Purvi.Agarwal@thomsonreuters.com;))