Ringgit to move in range of 3.9874 – 3.9986 against USD today, says AmBank Research

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KUALA LUMPUR (June 14): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 3.9821 and 3.9874 and resistance which is between 3.9986 and 4.0053.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.09% to 3.9938 against the dollar.

He said the KLCI fell 0.03% at 1,763.57 with a net foreign outflow of RM230.4 million.

“While the 5-year Malaysian Government Securities (MGS) yields remained unchanged at 3.870%, we found the 7- and 10-year MGS yields fell 1 basis point to 4.060% and 4.230%, respectively.

“Crude oils prices rose with WTI and Brent up 0.3% and 0.5% to US$66.57/barrel and US$76.26/barrel respectively as EIA reports showed that US oil stockpiles has declined by 4.14 million barrels, the most since March.

“The MYR gained against the regional currencies i.e. peso by 0.2% to 13.3368, baht by 0.04% to 8.0458, but fell against Singapore dollar by 0.07% to 2.9912 and rupiah by 0.08% at 3496.52. The CDS rose 0.75% to 97.31,” he said.