KUALA LUMPUR (Nov 22): AmBank Group Research expects the ringgit (MYR) to trade between its support levels of 4.1871 and 4.1900 while the resistance is pegged at 4.1961 and 4.1993.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR shed 0.15% to 4.194 against the USD amid the sharp nosedive in the crude oil prices added with risk-off sentiment.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI lost 0.90% to 1,695.4 on the dwelling concerns of global growth.

“In the bond market, there was an increase of an average 2.5 basis points across the benchmark as the 3-year, 5-year, 7-year and 10-year yields closed higher at 3.700%, 3.900%, 4.080% and 4.160% respectively.

“In the commodity space, Brent rebounded by 1.52% to US$63.48/bbl while WTI edged higher by 2.25% to US$54.63/bbl ahead of the inventory report from Energy Information Administration.

“Meanwhile, the MYR struggled against its regional peers. It has weakened by 0.43% to 7.846 against the Thai baht, slid by 0.32% to 3482.0 against the rupiah and down by 0.44% to 12.47 against the peso. Furthermore, the MYR slipped by 0.08% to 3.054 against the SGD,” he said.