* Czech jobless rate dips to 3.7% in April

* Hungary's April inflation rises to 3.7% y/y

* Stocks up 0.9%, FX adds 0.1%

May 10 (Reuters) - A gauge of emerging markets equities eyed its third straight weekly gain on Friday as risk sentiment flourished on rising hopes that the U.S. Federal Reserve could consider cutting interest rates this year.

The MSCI's index for emerging market stocks added 0.9% by 0830 GMT, on track to log a weekly gain of around 1%, while a gauge for currencies rose 0.1%.

Bourses in emerging European markets joined in the global cheer, with stocks in Hungary, Czech Republic and Romania up between 0.1% and 0.5%.

Amongst currencies, Hungary's forint held steady at 387.8 per euro after data showed headline inflation inched up in line with expectations in April, ending a 14-month run of declines.

"The forint has taken this morning's inflation print in stride – though given that data remains broadly consistent with NBH forecasts and in line with market expectations, this reaction is not surprising," said Nicholas Rees, FX market analyst at Monex Europe.

"Policymakers are likely to remain cognisant of some of the upside inflation risks from a weak forint, and geopolitical tensions. But with these not materialising at present, we doubt that the NBH easing cycle is likely to be derailed in the short term."

Poland's zloty fell 0.2%, a day after the country's central bank stuck to its wait-and-see approach and left interest rates unchanged at 5.75% for the seventh month in row.

The Czech crown edged 0.1% lower, but was hovering near three-month highs after data showed the county's unemployment rate dipped to 3.7% in April from 3.9% last month.

Investors also pared through minutes from the Czech central bank's last policy meeting, where it had cut its lending rates by 50 basis points.

South Africa's rand rose 0.4% against the dollar as prices of gold firmed, while shares in Johannesburg added 0.9%.

Emerging market assets, generally considered as risky, enjoyed firm gains amid rising hopes the Fed could cut its lending rates this year following soft jobs reports last week and on Thursday.

However, EM debt recorded weekly outflows of $700 mln in the week to Wednesday, while stocks saw $600 mln of outflows, Bank of America said in a weekly note.

Investors also kept tabs on global geopolitical risks, with Philippines calling for expelling Chinese diplomats as the South China Sea row escalated.

HIGHLIGHTS:

** Turkey unemployment dips to 8.6% in March, back at October low

** Taiwan rattled by 5.8 magnitude earthquake, no immediate reports of damage

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For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Varun H K)