KUALA LUMPUR (April 27): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 3.9098 and 3.9042 while the resistance is pegged at 3.9222 and 3.9275.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR inched 0.2% lower to 3.9177 against the US Dollar.

He said the KLCI rebounded 0.02% to 1,852.27, although foreign funds were net outflow of RM9.2 million.

“Meanwhile, crude oil prices i.e. WTI and Brent edged up 0.2% to US$68.18/barrel and 1% to US$74.78/barrel respectively, on uncertainty whether Trump would accept the new deal proposed by Macron with regards to the sanctions on Iran by the deadline on 12 May.

“The bond market saw the 7- and 10-year Malaysian Government Securities (MGS) yields rise 1 basis points (bps) to 4.110%, and 1.5bps to 4.220%, respectively, while the 5-year MGS yield remained unchanged at 3.890%.

“The MYR firmed against regional peers namely Singapore dollar by 0.1% to 2.9517, baht by 0.09% to 8.0678 but softened against rupiah by 0.4% to 3,545.53, and peso by 0.6% to 13.3019. The 5 year CDS fell 0.11% to 73.61,” he said.