Ringgit to move in range of 4.0722 – 4.0828 against USD today, says AmBank Research

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KUALA LUMPUR (Aug 3): AmBank Group Research expects the ringgit (MYR) to trade within its support level between 4.0698 and 4.0722 while the resistance level is between 4.0828 and 4.0864.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.25% to 4.0765 against the dollar.

He said the FBM KLCI saw a net foreign outflow of RM123.7 million with the local bourse closed 0.57% lower to 1,778.13.

“However, the demand remained in local bond space with the 5-, 7-year Malaysian Government Securities (MGS) rose 1 basis points (bps) each to 3.760% and 3.950%, respectively but the 10-year MGS yields fell 2.5bps to 4.030%.

“Meanwhile, crude oil prices for WTI and Brent rose 1.92% to US$68.96/barrel and 1.46% to US$73.45/barrel respectively as it was reported that the crude inventories at Cushing, delivery hub for US crude dropped by 1.1 million barrels since Julu 27.

“The MYR gained against regional currencies like Singapore dollar by 0.1% to 2.9827, rupiah by 0.03% to 3,552.58 and baht by 0.12% to 8.1638 but weakened against peso by 0.11% to 13.0248. The 5-year CDS rose 2.69% to 84.86,” he said.