KUALA LUMPUR (April 9): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.8602 and S2: 3.8574 while the resistance level is capped at R1: 3.8732 and R2: 3.8789.

In his AmBankFXDaily note today, Ambank group chief economist and head of research Dr Anthony Dass said the MYR softened 0.1% to 3.8716 against the US Dollar.

He said crude oil namely WTI and Brent dropped 2.3% to US$62.06/barrel and 1.8% to US$67.11/barrel respectively, as trade concerns overshadowed data released last week depicting a tightening oil market, specifically after China implied it could target tariffs towards US shale oil exports.

“The KLCI gained 0.05% to 1,8370.01 with a net foreign inflow of funds amounting RM212 million.

“Meanwhile, the 5-, 7-, and 10-year Malaysian Government Securities yields rose 0.5 basis points (bps) to 3.565%, 1.5bps to 3.865% and 0.5bps to 3.960, respectively.

“The MYR weakened against regional currencies like peso by 0.2% to 13.4523, rupiah by 0.06% to 3,558.63 and baht by 0.05% to 8.0798, but gained against Singapore dollar by 0.2% to 2.9363. The 5 year CDS fell 1.0% to 71.44,” he said.