Ringgit to fluctuate in the range of 3.8976 – 3.9140 against USD today, says AmBank Research

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KUALA LUMPUR (Feb 22): AmBank Group Research said with the relative strength index rising and the MACD gap narrowing, it  expects the (MYR) ringgit to trade between its support level of S1: 3.8976 S2: 3.8919 while the resistance level is pegged at R1: 3.9140 R2: 3. 9214.

In its AmBankFXDaily report today, AmBank group chief economist and head of research Anthony Dass said the MYR softened slightly against the dollar by 0.06% to 3.9060.

It said crude oil prices i.e. WTI and Crude fell 1.3% to US$61.09/barrel and 0.5% to US$64.91/barrel respectively, after American Petroleum Institute reported a drop around 900,00 barrels of US crude oil stock last week signaling a bigger draw for production.

“Meanwhile, the KLCI recovered 0.12% to 1,858.17, despite a net foreign outflow of RM22.9 million.

“Besides that, the 5- and 10-year Malaysian Government Securities yields rose 1 basis point (bps) to 3.60% and 3bps to 4.06% while the 7-year yield fell 0.5bps each to 4.00%.

“The MYR weakened against regional peers namely Singapore dollar by 0.02% to 2.9585, rupiah by 0.04% to 3,486.30, peso by 0.4% to 13.3367 but rose marginally against baht by 0.1% to 8.0804. The 5-year CDS fell 0.18% to 62.91,” it said.