RPT-EMERGING MARKETS-Latam FX little changed on weak data, stimulus hopes

* Trading volumes fall due to U.S. Labor Day holiday
* Weak Chinese data weighs on commodity exporters
* Stimulus expectations support Latam currencies

By Natalia Cacioli and Lorena Segura
SAO PAULO/MEXICO CITY, Sept 3 (Reuters) - Latin American
currencies were little changed on Monday after weak Chinese
manufacturing data dimmed the outlook for commodity exporters,
while hopes of further U.S. monetary stimulus supported
prospects for dollar inflows to emerging economies.
The Mexican peso was slightly stronger at 13.1820 per
dollar as trading volume slacked off due to the Labor Day
holiday in the United States.
"There's nothing going on today. The peso will likely trade
at 13.1821 from here to the end of the session," said Javier
Benavides, a trader at currency brokerage Base in Monterrey,
Mexico.
The Brazilian real dipped 0.02 percent to
2.0305 per greenback after an official reading on China's
manufacturing sector fell below 50, the level separating growth
from contraction, for the first time since November. China is
Brazil's main trading partner.
A similar survey from Markit, sponsored by HSBC, showed
Chinese factory activity shrinking at its fastest pace since
March 2009.
Poor manufacturing data was also seen in the euro zone,
where activity contracted for the 13th month. The numbers added
to expectations the European Central Bank will soon provide
details about a much-anticipated bond-buying program to lower
borrowing costs for countries such as Spain and Italy.
Investors expect details to be released at the end of the
ECB's monetary policy meeting on Thursday.
Benavides said the ECB's announcement could be positive but
it unlikely will help the peso appreciate. A reading on Friday
in line or below expectations for the U.S. labor market could
weaken the peso, he said.
"We are still awaiting new stimulus measures; the focus now
is on the ECB meeting," said Mauricio Nakahodo, an economic
research consultant with Tokyo-Mitsubishi bank in Sao Paulo.
In Brazil, Nakahodo added, the real is expected to remain
trading within a narrow range of 2.0 to 2.1 per dollar, a level
"that stimulates exporters but does not bring inflationary
pressures."

Latin American FX prices at 1920 GMT:

Brazil real 2.0305 -0.02 -7.98

Mexico peso 13.1854 0.11 5.95

Argentina peso* 6.3200 0.79 -25.16

Chile peso 480.0000 0.08 8.19

Colombia peso Holiday Market Closed

Peru sol 2.6070 0.12 3.45

* Argentine peso's rate between
brokerages