Tuesday, May 15, 2018

FW: [Maybank] MYR – Poised for Greater Stability



MYR – Poised for Greater Stability

FX Insight
by Saktiandi Supaat

FX Research

We maintain our out-of-consensus USDMYR forecasts for this year at 3.85, 3.70 and 3.65 for 2Q, 3Q and 4Q, respectively. Current level of Ringgit remains fundamentally undervalued relative to our fair value estimates of 3.56 for USDMYR and we expect this misalignment to correct further in the longer term. MYR fundamentals remain well anchored by current account surplus, rising FX reserves, sustained growth pick-up and higher oil prices. We lowered USDMYR forecasts beyond 2018...


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