Ringgit to move in range of 3.8569 – 3.8729 against USD today, says AmBank Research

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KUALA LUMPUR (April 6): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.8569 and S2: 3.8503 while the resistance level is capped at R1: 3.8729 and R2: 3.8788.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said he foresees volatility given the decision by Trump to add another US$100 billion on tariffs on China.

Dass said the MYR gained 0.08% to 3.8663 against the dollar.

He said the FBM KLCI rose 1.1% to 1,836.13 with a net inflow of foreign funds amounting to RM158.9 million.

“Crude oil i.e. WTI and Brent edged up 0.4% to US$63.65/barrel and 0.6% to US$68.44/barrel respectively, after Saudi’s move to raise prices of its key Arab light crude oil to Asia.

“Malaysian Government Securities yields stayed unchanged with the 5- at 3.560% while the 7- and 10- saw yields up 1 basis points to 3.850% and 3.955% respectively.

“MYR strengthened against regional currencies i.e. Singapore dollar by 0.1% to 2.9411, peso by 0.1% to 13.4798, rupiah by 0.08% to 3,560.69, and baht by 0.3% to 8.0905. The 5 year CDS fell 1.4% to 72.16,” he said.