Ringgit to fluctuate between 4.2168 and 4.2357 vs US today, says AmBank Research

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KUALA LUMPUR (Sept 29): AmBank Research said the ringgit (MYR) is expected to trade sideways today between 4.2168 which is the research house’s support level and resistance of 4.2357.

In its AmBankFXDaily today, AmBank Research said despite a weaker dollar, the MYR fell 0.24% to 4.2315 against the dollar partly due to continuous selling pressure in KLCI which fell by 0.35% to close at 1,758 due to foreign outflow of around RM233.6 milllion.

“Besides, the 5-year Malaysian Government Securities (MGS) rose by 2.5 basis points (bps) to 3.600% and the 10-year MGS increased 6bps to 3.945%.

“There could have been some impact on MYR due to the WTI price which fell by 1.07% to 51.58 and Brent fell by 0.57% to 57.57 as investors took a profit position mainly weighed on Turkey’s intimidation over Iraqi Kurds to cut crude export. The 5-year CDS fell by 0.14bps to 69.89,” it said.