EMERGING MARKETS-Chile and Mexico's currencies firm on US data

* Strong U.S. data raises hopes about export demand

* Mexican peso adds 0.3 pct, Chilean peso up 0.6 pct

* Brazil's real flat as dollar recovers worldwide (Recasts; adds comments about Chile, updates prices)

By Samantha Pearson and Froilan Romero

SAO PAULO/SANTIAGO, Nov 5 (Reuters) - The currencies of Chile and Mexico firmed on Friday after strong U.S. jobs data raised hopes about demand for both countries' exports.

But Brazil's real traded flat as the dollar recovered from sharp losses in the wake of U.S. stimulus measures.

The Chilean peso gained 0.6 percent to 476.7 per dollar as the price of copper, the country's main export, hit a 2-year high. [ID:nSGE6A4055]

Data showing the United States added more jobs than expected in October lifted hopes about the global recovery, boosting the price of many industrial metals. [ID:nN0528209]

After soaring as much as 2.1 percent on Thursday, the peso was set for a weekly gain of 2.6 percent, its biggest since February this year.

Like many other Latin American currencies, Chile's peso has soared in recent months, putting pressure on the country's exporters.

The peso barely budged after the country's central bank on Thursday announced fresh measures to encourage outflows and ease the peso's recent rally.[ID:nN04221079]

The central bank raised the foreign investment limit for pension funds -- a measure analysts at Standard Chartered said should have little impact. "Tax breaks to encourage outbound investment may be required to sweeten the deal," they wrote in a note on Friday. [ID:nN04221079]

"The Chilean peso still appears to be one of the strongest currency plays in Latin America," they said.

The Mexican currency also fared slightly better thanks to improved U.S. jobs data. The United States buys about 80 percent of Mexico's exports and the peso is very sensitive to the changing outlook for the U.S. economy.

The peso firmed 0.28 percent to 12.198 per dollar and was heading for a weekly gain of 1.18 percent.

BRAZIL'S REAL PAUSES FOR BREATH

Brazil's real struggled as the dollar gained in global markets. The U.S. data had less direct impact on Brazil, which counts China as its top trading partner.

The dollar had plummeted on Thursday following the U.S. Federal Reserve's decision to pump $600 billion into the economy, boosting Brazil's real to a two-week high and giving Chile's peso its biggest one-day gain in more than a year.

On Brazil's local spot market, the bid quote for the real opened weaker on Friday but was later flat at 1.677 against the dollar. The currency was set to have firmed 1.4 percent over the week thanks to the post-Fed boost, its biggest weekly gain in five weeks.

"The slight appreciation of the dollar in international markets should allow for a technical adjustment to the local exchange rate after the strong moves yesterday," said Luciano Rostagno, chief strategist for CM Capital Markets in Sao Paulo. (Additional reporting by Brad Haynes in Santiago; Editing by Dan Grebler)