By Pranav Kashyap

Feb 11 (Reuters) - Most Latin American currencies were marginally higher on Wednesday as investors digested a hot U.S. jobs report and pushed back expectations for a Federal Reserve rate cut, while stocks nudged higher.

The dollar strengthened after nonfarm payrolls came in well above forecasts and the unemployment rate edged lower in January.

A benchmark index for Latin American equities .MILA00000PUS jumped 1.37%, while a similar currency index .MILA00000CUS rose 0.31%.

Adding a layer of uncertainty, Bloomberg News reported that U.S. President Donald Trump has privately floated the idea of pulling out of the North American trade pact, a move that could complicate already-sensitive talks between the U.S., Canada and Mexico.

In Mexico, the peso MXN=, after touching a near two-week high, reversed course to trade 0.2% lower, while Mexican stocks .MXX rose 0.43%.

The currency also took a hit after Bank of Mexico Deputy Governor Jonathan Heath warned inflation was unlikely to return to the central bank's 3% target by the second quarter of next year. Recent data, meanwhile, has pointed to an economy heating up, backing the central bank's decision to keep rates on hold.

More broadly, Latin American stocks have been beating both the S&P 500 .SPX and Europe's STOXX .STOXX so far this year, and analysts see room for the rally to run. A rotation away from richly valued U.S. tech, paired with a renewed appetite for cheaper, overlooked corners of markets, has put the region in focus.

"Markets took the (U.S. data) in stride. Investors are shifting from trading headlines to focusing on earnings durability, balance-sheet strength, and selective growth, knowing volatility and rotation are likely as 2026 unfolds," said Gina Bolvin, President of Bolvin Wealth Management Group.

Elsewhere, the Colombian peso COP= has more ground to make up, year-to-date wise - it continues to lag its peers as political risk creeps into the picture. It was up 0.1% on the day.

The country is expected to vote as many as three times starting in March to elect new legislators and a new president to replace Gustavo Petro.

Stocks .COLCAP, buoyed by hopes of a more investor-friendly administration in 2025 - were up 15% year-to-date, though still behind gains in Brazil .BVSP and the broader equity index.

Brazil's real BRL= rose 0.3%, extending its advance to a fourth straight session, its longest winning streak since early November.

Meanwhile, Bolivia's international dollar bond USP37878AE81=TE added 2.9 cents after Bloomberg News reported the country is in talks with the IMF on a program that could unlock up to $3.3 billion in financing.

Venezuelan stocks .IBC rose 2.9% after the U.S. Treasury Department issued a general license authorizing the provision of U.S. goods, technology, software, or services tied to oil and gas exploration, development, or production in the country.

Key Latin American stock indexes and currencies:

Equities	Latest	Daily % change
MSCI Emerging Markets .MSCIEF	1563.95	0.92
MSCI LatAm .MILA00000PUS	3261.01	1.37
Brazil Bovespa .BVSP	188988.69	1.65
Mexico IPC .MXX	71578.71	0.43
Argentina Merval .MERV	3051812.22	-0.287
Chile IPSA .SPIPSA	11168.41	1.45
Colombia COLCAP .COLCAP	2394.73	-0.96
Currencies	Latest	Daily % change
Brazil real BRL=	5.1834	0.17
Mexico peso MXN=	17.222	-0.19
Chile peso CLP=	856.67	-0.02
Colombia peso COP=	3659.65	0.11
Peru sol PEN=	3.3554	0.01
Argentina peso (interbank) ARS=RASL	1403	0.21
Argentina peso (parallel) ARSB=	1410	1.06