Updates with mid-session prices

By Ragini Mathur, Purvi Agarwal and Pranav Kashyap

June 27 (Reuters) - Latin American currencies were steady on Friday as investors weighed a fresh U.S. inflation report and kept a watchful eye on evolving trade talks with the U.S., while regional stocks were mixed.

The dollar index =USD was flat, still trading around levels last seen in February 2022.

Investors braced for a possible dovish shift from the U.S. Federal Reserve, spurred by reports of President Donald Trump considering an early shake-up at the Fed's helm and a surprise dip in May consumer spending.

A trade agreement on Thursday between the United States and China on how to expedite rare earth shipments to the United States was also seen as a positive sign, as Trump hinted at more upcoming deals.

A gauge for Latin American currencies .MILA00000CUS held steady, but was poised for its fourth straight weekly gain. A similar gauge for stocks .MILA00000PUS slipped 0.1%, though still on track for its best week since late April.

Investors have had numerous catalysts to take on riskier assets this week, including a truce between Iran and Israel and some easing tariff pressures.

"Investors are starting to recognize that Latin America is somewhat of a safe-haven region amidst trade and geopolitical uncertainty," said Alejo Czerwonko, CIO of emerging markets Americas at UBS Global Wealth Management.

"Mexico received zero additional tariffs on April 2nd ... meaning Latin America remains far from the eye of the trade storm."

Mexico's benchmark bourse .MXX was flat on the day, but was poised for its best week in over a month after the central bank delivered a widely expected 50 basis-point rate cut on Thursday.

Mexico's peso MXN= advanced 0.1%.

Brazil's real BRL= held steady, but remained on course for a fourth consecutive weekly win, its longest streak in nearly two months, helped by data showing unemployment dipping below forecasts.

However, Brazil's central bank signaled it isn't currently considering further rate cuts.

Separately, the country's General Market Price Index fell more than expected in June, to 1.67%.

Chile's peso CLP= depreciated 0.9%, after three sessions of gains as copper prices retreated from three-month highs. MET/L

Elsewhere, Colombia's peso COP= tumbled nearly 1%, its sharpest intraday drop in over two weeks. The country's central bank held interest rates steady at 9.25%, as expected.

The slide in the currency also comes as both S&P and Moody's downgraded Colombia's debt, citing fiscal slippage.

The government, last week, moved to suspend its fiscal rule and widen its 2025 deficit target.

Colombia's stock index .COLCAP led regional declines, down 0.8%, while Brazil's Bovespa .BVSP slipped 0.3%.

Argentina's Merval .MERV looked set to notch its longest weekly losing streak in more than four months.

Elsewhere in emerging markets, the South African rand ZAR= was largely flat. Traders kept an eye on a potentially disruptive dispute between President Cyril Ramaphosa and his main coalition partner.

Key Latin American stock indexes and currencies:

(Reporting by Ragini Mathur and Pranav Kashyap in Bengaluru; Editing by Andrea Ricci and Mohammed Safi Shamsi)

((Ragini.Mathur@thomsonreuters.com;))