KUALA LUMPUR (Dec 6): AmBank Group Research expects the ringgit (MYR) to trade between its support level 4.1450 and 4.1492 while the resistance is pegged at 4.1572 and 4.1612.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR pulled back by 0.18% to 4.154 against the dollar due to softer oil price and slight gain in the dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI fell 0.40% to 1,688.3 along with another regional indexes on trade pessimism.

“Looking at the local bond market, the 3-year Malaysian Government Securities (MGS) yield eased 1.5 basis points (bps) to 3.675%, while 5- and 7-year MGS yield remained flat at 3.845% and 4.025%.

“As for the 10-year MGS yields, it rose 1.5bps at 4.085%.

“Meanwhile, the prices of crude oil Brent slipped 0.84% to US$61.56/bbl and WTI dropped 0.68% to US$52.89/bbl on bearish crude outlook.

“MYR gained against 0.16% to 3.038 against SGD; down 0.22% to 7.884 against Baht; appreciated 0.59% to 3467.1 against Rupiah and 0.15% higher to 12.70 against Peso,” he said.