KUALA LUMPUR (Oct 3): AmBank Group Research expects the ringgit (MYR) trading between its support levels of 4.1328 and 4.1371 while our resistance holds at 4.1440 and 4.1466.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR appreciated marginally by 0.06% to 4.141 against the dollar.

He said the KLCI closed slightly higher at 1,798.5 with a net foreign outflow of RM36.2 million.

Dass added that the bond market was lacklustre with paper-thin liquidity and mixed yields. The 3- and 7- Malaysian Government Securities (MGS) yields gained 2.0 basis points (bps) and 1.0bps to close at 3.620% and 3.980% respectively while the 10-year was down 1.5bps to 4.070%.

“The 5-year MGS stayed flat at 3.770%. Meanwhile, crude oil took a break from 4-year high as fears on supply constraints loom as the market perceived OPEC may not cover Iran’s shortfall.

“Brent and WTI both dropped 0.21% and 0.09% to US$84.80/barrel and US$75.23/barrel respectively.

“The ringgit strengthened against most of its peers, gaining 0.42% against the Singapore dollar to 3.010, 0.82% against the rupiah at 3633.0 and 0.24% against the peso at 13.12 and 0.26% against the baht at 7.821,” he said.