We maintain our positive outlook on the MYR, with the currency showing signs of consolidation following a break of resistance.
Over the longer term, we expect the currency to appreciate as it Following recent weakness in the PHP, we expect sideways trading in the near-term as real interest rate differentials are unlikely to narrow further in favour of the US with the BSP looking likely We have adopted a neutral view on the rupiah over the near-term given that the currency has strengthened against the dollar in spite of BI's surprise rate cut in August.
A surging CNY and further We have upgraded our and end-year forecasts to MYR4. We maintain our positive outlook on the currency over the near and medium term as the unit remains supported by a positive technical picture, an undervalued real effective exchange rate, and an improving fiscal outlook.
We maintain our bullish outlook on the MYR over the coming months, with the currency supported by a positive technical picture. Over the long-term, we expect gradual appreciation as an undervalued We expect the Malaysian ringgit to weaken further in the short-term amid technical weakness and rising US rate hike expectations. Over the longer term, an undervalued real effective exchange rate Over the longer-term, we are broadly neutral as a robust We have downgraded our end-year forecast slightly to MYR4.
Over the longer term, we expect the currency to appreciate gradually as The first phase of Indonesia's tax amnesty programme was fairly successful, and although we expect the pace of declaration of assets to slow in the coming months, and the rate of repatriation to The Malaysian ringgit has traded within a tight range over the past few months, and we expect the currency to remain range bound amid continued uncertainty in global financial markets.
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