Ringgit to move in range of 3.9818 – 3.9941 against USD today, says AmBank Research

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KUALA LUMPUR (June 13): AmBank Group Research expects the ringgit (MYR) to trade between its support levels of 3.9783 and 3.9818 while the resistance levels is pegged at 3.9941 and 3.9953.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR depreciated by 0.07% to 3.9903 against the stronger dollar.

He said the KLCI fell 0.7% at 1,764.16 with a net foreign outflow of RM359.0 million.

“However, the 5-, 7- and 10-year Malaysian Government Securities yields remained unchanged at 3.870%, 4.070% and 4.240%, respectively.

“Crude oils prices were mix with WTI up 0.2 % to US$66.23/barrel while Brent remained unchanged at US$76.44/barrel ahead of next week’s OPEC policy meeting.

“The MYR gained against the regional currencies – peso by 0.04% to 13.3056, baht by 0.08% to 8.0427, and rupiah by 0.2% to 3499.18 but weakened against Singapore dollar by 0.2% to 2.9934. The CDS rose 0.29% to 96.58,” he said.