Ringgit to move in range of 3.9648 – 3.9837 against USD today, says AmBank Research

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KUALA LUMPUR (June 6): AmBank Group Research said it expects the ringgit (MYR) to trade within its support levels of 3.9569 and 3.9648, while the resistance levels are to hover between 3.9837 and 3.9913.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell by 0.03% to 3.9730 against the dollar.

He said that meanwhile, the KLCI remained unchanged at 1,755.14 with a net foreign outflow of RM87.6 million.

He said trading activities are muted in the local bond space with the 5-,7- and 10-year Malaysian Government Securities yields remained unchanged at 3.815%, 4.050% and 4.195%, respectively.

“The crude oils prices were mixed ie. WTI rose 0.2% to US$64.85/barrel while Brent down 0.3% to US$75.05/barrel after news on US government has quietly requested Saudi Arabia and other OPEC producers to increase oil production by 1 million barrels/day emerged.

“The MYR weakened against the regional currencies - Singapore dollar by 0.2% to 2.9773, peso by 0.3% to 13.1972, rupiah by 0.01% to 3493.58 and baht by 0.3% to 8.0369. The 5-year CDS fell 0.92% to 91.48,” he said.