Ringgit to move in range of 4.0284 – 4.0400 against USD today, says Ambank Research

-A +A

KUALA LUMPUR (June 29): AmBank Group Research expects the ringgit (MYR) to be in a more vulnerable position, trading between its support levels of 4.0207 and 4.0284 while the resistance is pinned at 4.0400 and 4.0464.

In his AmBankFXDaily note today, AmBank group cheif economist and head of research Dr Anthony Dass said the MYR slipped 0.3% to 4.0425 against the dollar.

He said the KLCI dropped 0.02% to 1,665.68, recording a net outflow of RM206.1 million in foreign funds.

Meanwhile in the local bond space, Dass said the 5-,7- and 10-year Malaysian Government Securities yields remained unchanged at 3.85%, 4.06% and 4.21%, respectively.

“Crude oil prices, namely WTI and Brent, namely WTI and Brent gained 1.0% and 0.1% to US$73.55/barrel and US$77.70/barrel, respectively due to concerns over a potential large drop of up to a third in Iran’s oil supply as a result of US sanctions.

“The rally is also fuelled by unexpected outages in Venezuela, Libya and Angola.

“The MYR weakened against the regional currencies – the Singapore dollar by 0.1% to 2.9557, peso by 0.4% to 13.2373 but strengthened against the rupiah by 1.2% to 3560.67 and remained unchanged against the baht at 8.2027. The CDS rose 5.07% to 113.93,” he said.