* Hungary reports surge in CPI
* Poland's cbank governor to speak
* Dollar steady ahead of U.S. jobs report
By Sruthi Shankar
July 8 (Reuters) - Emerging market currencies were heading for their fifth consecutive week of losses on Friday as the dollar strengthened ahead of U.S. job data that could encourage the Federal Reserve to deliver another big rate hike this month.
The MSCI's index of EM currencies was flat on the day but set to end the week down nearly 0.3%.
However, developing world stock markets found some reprieve after a torrid first half on worries that aggressive rate tightening by central banks to tame inflation will cause a recession. MSCI's EM equities index rose 0.4% after a Wall Street rally overnight.
A firming dollar this year on bets of hefty U.S. interest rate hikes has spurred capital outflows from emerging market economies, to the point where investors are now grappling with a possibility of a recession and a potential pause in rapid rate hikes.
U.S. nonfarm payrolls data, likely to signal a slowdown in June hiring but a low jobless rate, is due at 1230 GMT.
"If real interest rates in the U.S. and other industrialized nations remained low long-term, the currencies of economies with higher potential growth would be attractive," Ulrich Leuchtmann, head of FX and commodity research at Commerzbank wrote in a note.
"In that case the EM currency weakness, which we experience at the moment as a result of recession fears (and the corresponding flight into safe havens), would constitute attractive entry levels. But there is a risk that this will not happen."
A weekly survey by Bofa Securities showed EM assets continued to remain under pressure, with equities seeing the biggest outflow in eight weeks and debt marking outflows for the past 13 weeks.
Among currencies, the Turkish lira slid 0.5% to 17.3 per dollar. Data showed the country's current account deficit in May widened to $6.468 billion, although slightly less than economists' forecast of $6.7 billion.
The central bank now sees consumer prices rising 69.9% by the year-end, up from the previous forecast of 64.59%, as soaring energy prices add to already-high inflation and put pressure on the current account balances of the oil importer.
The South African rand dropped 1.0%, although the Russian rouble headed back past the 61 mark against the dollar as the market priced in possible foreign currency interventions.
Eastern and central European currencies continued to suffer, with the Hungarian forint weakening to trade at 406.7 per euro despite hefty rate hikes by the central bank recently.