Ringgit to exhibit downside trend towards 4.2432 vs USD today, says AmBank Research

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KUALA LUMPUR (Oct 4): AmBank Research said the ringgit (MYR) is expected to exhibit some downside trend towards the research house’s resistance level of 4.2432 today.

In its AmBankFXDaily note this morning, the research house said its support level was at 4.2217.

AmBank Research said the MYR closed marginally lower by 0.06% to 4.237 against US dollar as both the 5-year Malaysian Government Securities (MGS) yields rose 1.5 basis points (bps) to 3.625% and 10-year MGS yields increased by 0.5bps to 3.965% despite the FBM KLCI's losing streak run ended with a gain of 4.89 points to close at 1759.67.

“Besides, both WTI and Brent fell by 0.45% to US$50.35 per barrel (pb) and 0.37% to US$55.91 pb respectively on concerns over rising global supply, followed by mounting fears on recovering US shale production.

“The 5 year CDS fell 1.6bps to 66.84,”it said.