EMERGING MARKETS-Brazil's real hits 3-week high as US jobs data backs Fed cut bets

* Weak dollar boosts Latam FX, stocks * Traders price in more US rate cuts * Panama presidential election on Sunday By Sruthi Shankar May 3 (Reuters) - Most Latin American currencies climbed on Friday, with the Brazilian real touching a three-week high versus the dollar after weaker-than-expected U.S. jobs data raised expectations of U.S. interest rate cuts starting as early as September. The real jumped 0.6% to 5.08 per dollar, its strongest level since April 11. Other currencies in the region also firmed, with a broader gauge set for its second weekly gains. The dollar fell against major peers, global stocks and other riskier assets rallied and U.S. Treasury yields fell after data showed U.S. job growth slowed more than expected in April and annual wage gains cooled. Traders quickly priced in two U.S. rate cuts of 25 basis points this year versus one before the payrolls data was released. The first cut is now expected to come in September. "Not only have the weaker headline measures fuelled Fed easing bets, but firmer details also suggest that the recent easing in labour conditions isn't a sign of something more sinister afoot," said Simon Harvey, head of FX analysis at Monex Europe. "This has provided the perfect basis for procyclical assets to rally, an outcome we didn't expect markets to converge upon until early Q3." Emerging market currencies have come under pressure this year as several countries including Brazil, Chile and Mexico kickstarted rate-cutting cycles early to spur their economies even as the Fed kept interest rates elevated due to sticky U.S. inflation and resilience in the world's largest economy. Brazil's central bank is set to meet next week, with economists split over the size of a likely rate cut. Of 39 economists surveyed between April 29 and May 3, 22 said the central bank would ease by 25 basis points to 10.50%, while the other 17 stuck to a 50-basis-point cut. Stock markets in the region also climbed and were set for weekly gains, mirroring an upbeat mood on Wall Street. Investors will keep an eye on Sunday's presidential election in Panama, where eight candidates are on the ballot, and polls show mixed rankings among the five frontrunners. The Central American country's government rebuked Fitch Ratings late in March after it cut Panama's sovereign bonds to speculative grade, or junk status. Panama is at risk of losing the coveted investment grade following concerns over its fiscal and governance challenges that have been aggravated by the closure of the country's largest mine. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1061.85 0.85 MSCI LatAm 2479.37 0.51 Brazil Bovespa 128449.76 1.04 Mexico IPC 56943.57 0.47 Chile IPSA 6560.18 0.95 Argentina MerVal 1390948.78 1.553 Colombia COLCAP 1379.04 0.02 Currencies Latest Daily % change Brazil real 5.0800 0.63 Mexico peso 16.9650 0.00 Chile peso 941.1 0.30 Colombia peso 3890.98 0.18 Peru sol 3.7137 0.14 Argentina peso (interbank) 878.5000 0.00 (Reporting by Sruthi Shankar in Bengaluru; editing by Mark Heinrich)