Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 19): AmBank Group Research expects the ringgit to stabilise moving towards its support level of 4.1831 and 4.1858, while the resistance holds at 4.1918 and 4.1946.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the ringgit fell slightly by 0.01% to 4.191 against the US dollar which could partly be due to weaker 3Q2018 GDP which came in at 4.4%.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI rose 0.72% to 1,706.4 for a third day.

“In the bond market, yields were mixed with the 3-year and 10-year Malaysian Government Securities eased 1.0 basis point (bps) and 2.0bps to 3.685% and 4.145% respectively, while 5-year gained 1.0bps to 3.840.

“In the commodity space, Brent continue its upward trend by 0.21% to US$66.76/bbl while WTI ended flat at US$56.46/bbl. It shrugged off the increased in inventory from EIA and API report.

“Meanwhile, the ringgit fell against all of its regional peers. It weakened by 0.36% to 7.839 against Thai Baht, fell by 0.38% against the Rupiah to 3,486 and softened by 0.08% to 12.582 against the Peso. The ringgit skidded by 0.04% to 3.045 against the Singapore dollar,” he said.

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