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The company said a strong showing at Telefónica Móviles and a sharp fall in financial costs helped offset currency effects in Latin America.
Ford is the largest car brand in the UK and Bob Shanks, Ford's chief financial officer, warned price rises would be necessary there in order to offset currency fluctuations in the wake of Brexit.
Due to the global economic climate, we expect it will take longer than normal to improve pricing and volumes in our international business to offset currency devaluations..
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Our forecast rises from £365m to £367m, taking into account offsetting currency movements in the Nordics.
"However, the offsetting currency option contracts were fictitious.
The team that manages the fund has 44% of its holdings exposed to the U.S. dollar; the foreign holdings do not include offsetting currency positions to hedge away the yen and euro exposure.
"The risk that the numbers highlights is that there's a bigger offset for currency depreciation," said Ross Walker, an economist at Royal Bank of Scotland in London.
Currency exchange rates cut 180 billion yen from Toyota's operating profit in the first half, but strength in the domestic market, where new models pushed its market above 40percentt, helped offset the currency factors.
But a weak dollar leads to higher prices for imported goods, which can feed the rate of inflation, and it can push up long-term interest rates as foreign investors demand higher returns to offset their currency risk.
That will be somewhat offset by currency and tax rate issues.
The Morgan Stanley report points out that trade and investment flows rarely offset large currency moves, which implies that the "natural economic mechanisms that should, in theory, have helped halt the greenback sell-off were not, in fact, usually strong enough.
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