KUALA LUMPUR (Dec 7): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1515 and 4.1572 while the resistance is pinned at 4.1684 and 4.1770.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR depreciated 0.26% to 4.165 against the dollar amid lower crude oil prices.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI shed 0.29% to 1,683.3 due to risk-off sentiments in the global market.

He said in the local bond market, markets were focused on the GII 20y auction today.

Dass said the RM2.0 billion auction closed with a strong BTC of 2.307x and averaged 4.787%. 3-year Malaysian Government Securities (MGS) yield stayed flat at 3.675%, while 5- and 7-year MGS yield eased 1 basis point (bps) and 3.5bps to 3.835% and 3.990% respectively.

“As for the 10-year MGS yields, it climbed 1.5bps at 4.070%.

“Meanwhile, Brent slipped 2.44% to US$60.06/bbl and WTI dropped 2.65% to US$51.49/bbl on delayed decision on production cut within OPEC and Russia.

“The MYR gained 0.01% to 3.038 against the SGD; up 0.06% to 7.889 against the baht; 0.55% firmer at 3486.2 against the rupiah but was 0.14% lower at 12.68 against the peso,” he said.