By Purvi Agarwal

Jan 29 (Reuters) - Most Latin American currencies were flat to slightly higher on Wednesday as investors braced for U.S. tariffs and awaited central bank meetings in the U.S. and Brazil.

An exception was the Mexican peso MXN=, among the most exposed to the threatened U.S. tariffs, which depreciated 0.6% against the dollar.

Mexican President Claudia Sheinbaum said she did not believe the U.S. would impose tariffs on Mexico on Feb. 1, after a White House spokesperson said Trump still planned to meet that deadline.

Threatened tariffs and the prospect of higher for longer rates in the U.S. have pressured demand for certain emerging market assets since last year, adding to concerns over an uncertain global growth outlook.

"There's a lot of noise and discussions, but there's nothing yet written on paper. The market is still waiting for some solid orders and clear definition," said Matheus Zani, managing director at Deaglo.

The centrepiece of the day is the Federal Reserve's first interest rate decision of the year. The central bank is widely expected to hold rates steady, but any clues on the outlook for the year will be closely watched.

The Fed adopted a more hawkish stance at its last meeting, taking into account the inflationary impact from U.S. President Donald Trump's potential policies and a resilient labor market that could slow the pace of rate cuts in the world's largest economy.

After the Fed's decision, Brazil's central bank is widely expected to raise interest rates by 100 basis points against the backdrop of worsening inflation. The Brazilian real BRL= fell marginally.

"This meeting is (more) relevant because it's going to be the first under the leadership of Gabriel Galipolo, the new chief of the central bank," said Zani.

Galipolo is Brazilian President Lula's choice for the central bank, as he attempts to influence the central bank's stance on higher interest rates.

Meanwhile, Argentina's deregulation tsar Federico Sturzenegger, plans deeper cuts this year, with his sights set on industries from autos to medicines, after a year spearheading aggressive attacks on the public sector and red tape.

The country's stock index .MERV was up 0.1%.

The Peruvian sol PEN= was 0.2% higher. Reuters reported that the country plans to issue up to three sovereign bonds this year to finance its ballooning fiscal deficit.

The Chilean peso CLP= was little changed after its central bank held its benchmark interest rate at 5% on Tuesday.

Colombia's peso COP= was up 0.9%.

MSCI'S index tracking Latin American currencies .MILA00000CUS and the stocks gauge .MILA00000PUS were both flat. Colombia's COLCAP .COLCAP was up 0.9%, while Chile's stock index .SPIPSA was 0.6% higher.

Highlights:

** Growth engine or casino? Global investors rethink China playbook

** Czech central banker Frait sounds caution on scope for rate cuts in 2025

Key Latin American stock indexes and currencies:

(Reporting by Purvi Agarwal in Bengaluru; editing by Barbara Lewis)

((Purvi.Agarwal@thomsonreuters.com;))