KUALA LUMPUR (Oct 16): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1487 and 4.1510 while the resistance is pinned at 4.1583 and 4.1603.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.02% to 4.155 against the US dollar.

Meanwhile, he said the KLCI dropped 0.12% to 1,728.7, smaller loss compared to regional indexes.

Dass said the index continued to see a net foreign outflow of RM77.9 million.

He said lacking any clear catalyst for any direction change, the bond market traded sideways with very few trades seen and yields remained unchanged for the day.

“All Malaysian Government Securities yield remained flat, 3-, 5-, 7-, 10-year yield stood at 3.610%, 3.770%, 4.015%, and 4.135%, respectively.

“Oil edged up on the back of growing threats between US-Saudi relationships over disappearance of Saudi journalist in Istanbul, i.e. Brent and WTI rose 0.44% and 0.62% to US$80.78/barrel and US$71.78/barrel, respectively.

“The MYR ended in mixed against most of the regional peers from yesterday’s trading, closed 0.07% lower against SGD at 3.018 while also rose 0.14% against the rupiah at 3,663.3.

“At the sametime, MYR weakened against Thai baht by 0.30% to close at 7.860. appreciated 0.07% against piso to close at 13.03,” he said.