KUALA LUMPUR (Oct 31): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1676 and 4.1735 while the resistance is pegged at 4.1833 and 4.1903.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR eased 0.03% to 4.181 against the stronger dollar.

He said the local bourse closed higher by 0.13% at 1,688.9 but experienced net foreign selling of RM52.9 million.

Dass said the local bond market saw the 3-year Malaysian Government Securities (MGS) drop 2 basis points (bps) to 3.695%; while the 5- and 7-year yield stayed flat at 3.830% and 4.080% with the 10-year MGS eased 1.5bps to 4.190%.

“In the commodity space, Brent fell by 1.85% to US$75.91/barrel while WTI slipped 1.28% to US$66.18/barrel as API Crude Oil inventory added additional 5.7 million barrels as of Oc 26 from 9.9 million barrel in the week prior.

“The MYR depreciated against majority of its regional peers. It weakened by 0.06% against the Thai baht to 7.958, down 0.02% against the rupiah at 3641.3, and slipped 0.11% to 12.82 against the peso. MYR strengthened by 0.06% against the SGD to 3.021,” he said.