(Adds details from Mexico on bourse record high) By Sheky Espejo and Bruno Federowski MEXICO CITY/SAO PAULO, July 25 (Reuters) - Mexico's stock market hit a fresh record high on Tuesday, boosted by expectations of good earnings, while Brazil's stocks hit a one-month high as commodity price gains lifted shares of local blue-chips Vale SA and Petróleo Brasileiro SA.

Mexico's S&P/BMV IPC stock index rose for the third straight session, inching up by 0.09 percent from Monday, as data showed the economy continuing to grow in May and retail sales climbing by 4.1 percent on the year.

Several of Mexico's biggest companies report earnings in the next three days, and Carlos Gonzalez, head of analysis at brokerage Monex in Mexico City, said the outlook was good.

"We're still waiting for the most intense part of earnings reports in Mexico and the trend is positive, with expectations of growth of 15-16 percent in operational terms," he said.

Gonzalez forecast the stock index could get to around 52,000 points in the next few days, before consolidating.

In Brazil, shares in Vale, the world's largest iron ore miner, rose after China-listed iron ore futures snapped a three-day losing streak. Shares in Bradespar SA, a key Vale shareholder, rose about 5.0 percent.

Rising crude oil futures lifted shares of Petrobras , as Brazil's state-controlled oil company is known, after major producer Saudi Arabia vowed to reduce exports next month to curb global oversupply.

Gains on the benchmark index were limited by shares of Fibria SA after the wood pulp producer posted a surprising quarterly net loss as a weaker currency inflated its debt.

Operating profits rose, supported by higher pulp prices and strong global demand, but analysts said that boost is likely to fade in coming quarters.

Most Latin American currencies seesawed as traders awaited the U.S. Federal Reserve's policy decision to be announced on Wednesday.

Money markets indicated a near-zero chance of an interest rate increase from the U.S. central bank, and further Fed interest rate hikes are not seen as likely until at least December. That could foster demand for Latin American assets, which typically lure investors with higher yields.

Brazil's central bank will announce a rate decision on the same day and traders widely expect it to cut rates by an aggressive 100 basis points.

In Mexico, shares in bottler and retailer Fomento Economico Mexicano (Femsa) fell after it reported a drop in quarterly profits, hurt by rising costs.

The company's shares dropped 1.54 percent.

Key Latin American stock indexes and currencies at 0040 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1060.36 -0.37 23.43 MSCI LatAm 2738.75 0.1 16.89 Brazil Bovespa 65669.42 0.88 9.04 Mexico S&P/BMV IPC 51713.18 0.09 13.30 Chile IPSA 5037.98 0.34 21.36 Chile IGPA 25162.37 0.33 21.36 Argentina MerVal 21265.12 -0.21 25.70 Colombia IGBC 10940.04 0.09 8.02 Venezuela IBC 134583.50 1.55 324.48 Currencies daily % YTD % change change Latest Brazil real 3.1662 -0.61 2.62 Mexico peso 17.765 -0.17 16.74 Chile peso 650.9 0.12 3.04 Colombia peso 3030.2 -0.11 -0.95 Peru sol 3.25 -0.12 5.05 Argentina peso 17.4700 -0.06 -9.13 (interbank) Argentina peso 18.09 -0.22 -7.02 (parallel) (Reporting by Bruno Federowski; Editing by G Crosse and Chris Reese)