KUALA LUMPUR (Jan 10): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.0747 and 4.0895 while the resistance is pinned at 4.1035 and 4.1112.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR rose slightly by 0.09% to 4.114 against a weaker dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the local bourse ended 0.29% lower to 1667.8.

Meanwhile, he said the local bond market such as the 3- and 7-year Malaysian Government Securities (MGS) yields was flat at 3.570% and 3.985% while the 5- and 10-year MGS yields rose 1 basis point (bps) and 1.5bps to 3.745% and 4.080% respectively.

“Both Brent and WTI rose 4.63% and 5.18% to US$61.44/bbl and US$52.36/bbl respectively.

“Easing US-China tension and a 1.68 million drawdown in US inventories provided some support to the oil prices over the worry about supply glut.

“The MYR weakened against most of its regional peers. It fell 0.18% to 7.764 against Thai Baht , softened 0.09% to 12.73 against the peso and down 0.06% to 3433.2 against the rupiah. However, it inched up 0.03% to 3.032 against SGD,” he said.