Ringgit to move in range of 3.9655 – 3.9818 against USD today, says AmBank Research

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KUALA LUMPUR (June 7): AmBank Group Research expects the ringgit (MYR) to trade within the support levels of 3.9583 and 3.9655 while the resistance levels are pegged between 3.9818 and 3.9953 against the US Dollar (USD).

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell by 0.03% to 3.9743 against the dollar.

He said although the KLCI rose 1.3% to 1,777.13, it is still in a net foreign selling position worth RM134.2 million.

Dass said on the local bond space, the 5- and 10-year Malaysian Government Securities (MGS) yields rose 2.0 basis points (bps) and 0.5bps to 3.835% and 4.200% respectively.

“Meanwhile, the 7-year MGS yields remained unchanged at 4.050%. The crude oils prices were mixed. While the WTI fell 0.7% to US$65.06/barrel, the Brent rose 0.6% US$75.83/barrel respectively.

“This follows the Energy Information Administration announcement of a surprise build in US inventories with the crude oil inventories up by 2.1 million barrels from a week ago.

“The MYR weakened against the regional currencies - Singapore dollar by 0.08% to 2.9799, rupiah by 0.2% to 3485.56 and baht by 0.08% to 8.0303 but strengthened against peso by 0.02% to 13.1944. The 5-year CDS rose 2.16% to 93.45,” he said.