Ringgit to move in range of 3.9718 – 3.9841 against USD today, says AmBank Research

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KUALA LUMPUR (May 28): AmBank Group Research expects the ringgit (MYR) to trade within its support levels of 3.9645 and 3.9718 while the resistance levels are to hover between 3.9841 and 3.9932.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass the MYR fell 0.04% to 3.9813 against the dollar.

He said though the FBM KLCI rose 1.2% to 1,797.40, it registered a net foreign outflow of RM80.2 million.

Dass said in the local bond space, the 5-year Malaysia Government Securities (MGS) yields remained unchanged at 3.880% while the 7- and 10-year MGS yields both rose 1 basis point to 4.060% and 4.250%, respectively.

“Crude oils i.e. WTI fell 4.0% to US$67.88/barrel while Brent dropped 3.0% to US$76.44/barrel due to expectations of higher supply after Saudi Arabia and Russia announced that the OPEC and other suppliers may boost their oil output in the second half of the year to ease the cutbacks from Venezuela and Iran.

:The MYR weakened against the regional currencies - Singapore dollar by 0.2% to 2.9745, rupiah by 0.1% to 3547.88 and baht by 0.2% to 8.0201 but held firm against peso at 13.2099. The 5-year CDS fell 0.16% to 83.35,” he said.