By Shashwat Chauhan

March 6 (Reuters) - The Mexican peso led gains among Latin American currencies on Thursday as investors awaited more details on U.S. President Donald Trump's tariff strategy, while the global debt market saw heavy selling amid the flurry of global shake-ups.

Emerging Markets $(EM)$ debt was not spared, with international bonds of Ukraine, Egypt, Ghana and Senegal - to name a few - all tumbling close to 1 cent on the dollar.

Global bond markets ran into turbulence this week with German long-dated maturities at the forefront of the sell-off as parties in talks to form Germany's new government agreed to try to loosen fiscal rules.

El Salvador's international bonds were was also under pressure. The Central American nation announced more purchases of bitcoin on Wednesday, taking the total in the country's strategic reserve to above 6,102 coins.

Back to tariffs, the Mexican peso MXN= appreciated 0.7% to a one-week high ahead of a telephone call between Mexican President Claudia Sheinbaum and Trump later in the day. Mexico is set to lay down its retaliatory plans by Sunday.

A global relief rally ensued late on Wednesday after the White House said Trump will exempt automakers from his 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules.

"As many have now commented, the new U.S. government feels less like a continuation of the 2017-2020 policy stance and more like a fresh approach," analysts at Janus Henderson Investors said.

"There are few familiar faces across the administration, and this – along with the sheer speed and volume of announcements – is perhaps leading to a greater inability to read the underlying intentions."

On Thursday, U.S. Commerce Secretary Howard Lutnick said the tariff reprieve probably won't just be about automakers and it could include all products covered under the United States-Mexico-Canada Agreement (USMCA) trade agreement.

Other currencies also perked up amid the global dollar weakness, with Chile's peso CLP= advancing 0.6% to a five-month high, while the Peruvian sol PEN= ticked 0.3% up.

Brazil's real BRL= dipped 0.1% after jumping more than 2% in the last session. Trading has been erratic in the real as markets in Latin America's largest economy were shut for most of the week for a public holiday.

MSCI's index for Latin American currencies .MILA00000CUS jumped 1.3%, while stocks .MILA00000PUS rose 1.6%.

Local bourses were mixed, with the Brazilian benchmark .BVSP up 0.1%, while the Mexican bourse .MXX lagged with a 0.4% fall.

Elsewhere in emerging markets, Turkey's central bank cut its key interest rate by 250 basis points, as expected, bringing the rate down to 42.5%.

HIGHLIGHTS

** Brazil's fourth-quarter economic growth forecast to have slowed

** Ukraine's central bank raises key rate to 15.5% in third consecutive hike

Key Latin American stock indexes and currencies:

(Reporting by Shashwat Chauhan in Bengaluru, Editing by Franklin Paul)

((Shashwat.Chauhan@thomsonreuters.com;))