By Anthony Esposito MEXICO CITY, March 15 (Reuters) - Latin American currencies and stocks gained on Wednesday after the U.S. Federal Reserve hiked interest rates for the second time in three months, pointing to a benign economic outlook and a steady path of rate rises.

After the rate move, Mexico's peso appreciated 2.25 percent versus the dollar, reaching its strongest level since U.S. President Donald Trump's election in November.

The currency was also lifted by a more conciliatory tone struck by one of Trump's most protectionist trade advisers on Mexico.

Colombia's peso firmed 0.97 percent and the Brazilian real surged 1.88 percent.

Many investors widely expected the Fed to raise interest rates, which could reduce demand for emerging market assets.

But market participants were relieved as officials stuck to their outlook for two more hikes this year and three more in 2018, when many had expected an accelerated spate of moves.

Prices for gold, copper and oil all rallied as the dollar dropped.

That helped boost shares of Brazilian mining company Vale SA and state-controlled oil company Petróleo Brasileiro SA, supporting Brazil's benchmark Bovespa stock index .

Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 943.52 0.38 9.42 MSCI LatAm 2588.66 1.99 10.6 Brazil Bovespa 66234.87 2.37 9.97 Mexico IPC 47470.31 0.81 4.00 Chile IPSA 4548.86 0.47 9.57 Chile IGPA 22850.03 0.48 10.20 Argentina MerVal 19368.39 1.6 14.48 Colombia IGBC 9886.90 0.97 -2.38 Venezuela IBC 37640.51 -0.58 18.72 Currencies daily % YTD % change change Latest Brazil real 3.1103 1.88 4.47 Mexico peso 19.219 2.25 7.94 Chile peso 670.2 -0.18 0.08 Colombia peso 2965.57 0.97 1.21 Peru sol 3.257 0.68 4.82 Argentina peso (interbank) 15.5700 -0.19 1.96 Argentina peso (parallel) 16.01 0.37 5.06 (Reporting by Anthony Esposito; Editing by Bill Rigby)