[Dow Jones] Morgan Stanley upgrades 2010 outlook for MYR; says MYR remains moderately undervalued while its underlying macro-dynamics, balance of payments (BoP) continue to turn more favorable. Broker lowers USD/MYR end-2010 target to 3.2000 from 3.3500. Says REER analysis suggests MYR trading 0.7 standard deviation below long-term average; "SGD/MYR tends to confirm that the MYR is trading cheap to fair value (minus 2.5%, minus 9.2%, respectively)." Broker adds, Malaysia's BoP points to ongoing support for MYR in 2010; "with ongoing rebound in commodity prices, global economic recovery, we expect Malaysia's trade surplus to recover to MYR150 billion in 2010." USD/MYR last closed at 3.356.
Dow Jones Newswires
October 15, 2009 20:02 ET (00:02 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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