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Latin American currencies firmed against a steady dollar on Tuesday with Mexico's peso extending gains logged after US President Donald Trump called off punitive tariffs on Mexican goods, while Brazil's real looked set to reverse last session's losses.

The dollar steadied as investors focused on the upcoming G20 summit for any progress on the US-China trade war that has weighed on global growth.

Trump said he was ready to impose another round of tariffs on Chinese imports if no progress is made in trade talks with Chinese President Xi Jinping at the G20 summit later this month.

Mexico's peso firmed 0.3pc after logging its best day in almost a year on Monday on news that Mexico and United States had struck a migration deal that averted US tariffs of an initial 5pc that were set to take effect this week.

Washington said tariffs may be revisited if not enough progress is made to stem illegal immigration from Mexico.

"This is unlikely to affect markets in the near term," said Paul Donovan, chief economist at UBS Global Wealth Management.

Mexico said Brazil may be one the countries that may need to be brought in to control migration to the United States via the Mexican border as it was among the countries that migrants first reach in their journey north.

Brazil's real rose 0.5pc, recovering from last session's 0.2pc dip on worries over crucial pension reforms.

Political tensions were in play after leaked messages published by a news website raised serious questions about the impartiality of Brazil's current justice minister, Sergio Moro, a former judge who sent former President Luiz Inacio Lula da Silva to prison.

Lawmakers in Brasilia suggested the controversy would not slow their work on an overhaul of the country's social security system, which the government considers essential to kick-starting an economic recovery.

Stocks in Sao Paulo hit their highest in 12 weeks with commodity and energy heavyweights boosting the index on higher iron ore, copper and oil prices.

The bounce in prices of copper - Chile's main export - put its currency on course to erase Monday's near 1pc decline posted on a surprise 50 basis point rate cut by the central bank late on Friday.

Colombia's peso touched an over-one-month high, with higher oil prices helping the crude exporter's currency.

Copyright Reuters, 2019