Mexico peso slips from 6-year high; stocks rally

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MEXICO CITY, Aug 5 (Reuters) - Mexico's peso slid from a six-year high on Tuesday on speculation the central bank could put the brakes on the currency's gains, while stocks jumped as lower oil prices helped boost global equity markets.

The peso MXN= MEX01 lost 0.46 percent to 9.92 per dollar, erasing some of the big gains it posted on Monday.

The benchmark IPC stock index .MXX gained 1.01 percent to 26,755 points after falling to a six-month low on Monday.

In the currency market, traders said the peso was knocked from its strongest level since August 2002 by profit taking and following a report from UBS that said Mexico's central bank may soon intervene in the currency market to keep the peso from further appreciating.

"There was a rumor that the central bank could start buying dollars ... but I don't see the bank intervening at this moment," said the head of a currency trading desk at a bank in Mexico City.

The peso has gained in recent weeks as investors bet the Mexican central bank will raise interest rates further to fight inflation.

U.S. oil prices CLc1 fell to a three-month low below $119 a barrel at one point, helping stocks. Other commodity prices fell in tandem.

"It's a less critical situation for the American consumer, and it gives the Fed room not to raise rates," said Rodolfo Campuzano, head of analysis at brokerage firm Invex in Mexico City.

Mexico's economy is closely tied to the United States, which receives around 80 percent of Mexican exports.

Shares of America Movil (AMXL.MX), the largest cell phone operator in Latin America, gained 1.76 percent to 24.83 pesos, while its New York-traded stock (AMX.N) rose 1.34 percent to $50.07.

Cement maker Cemex (CMXCPO.MX) gained 4.36 percent to 21.08 pesos after Deutsche Bank said the company may be able to successfully implement some of an announced price increase in the United States, its key market. Its stock on Wall Street (CX.N) advanced 4.38 percent to $21.20. (Reporting by Michael O'Boyle; Editing by Kenneth Barry)