Wales, who fielded 12 new caps wasted a good chance to take the lead when Cardiff City's Nicky Fish headed wide from 10 yards.
Arsenal's Adam Birchall also came close with a 25 yard drive which Latvia 'keeper Trifonovs tipped over the bar.
Intars Kirhners brought a fine reflex save out of debutant goalkeeper Lewis Price on the hour mark with a header.
Captain David Pipe lashed a 20 yard shot over the bar in injury time after Latvia had surged forward looking for the winning goal.
New Manager Hodges said: "Considering how little time we have had to prepare for this, I was well pleased with the display.
"They are very young, but in time I believe we can mould together a decent side for the future, they certainly lacked nothing in commitment and effort."
"We managed to get some control and had the best chances, certainly at the end of the first half.
"I cannot fault anyone and if they keep listening and learning then we have some good players here for the future."
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