Ringgit to move in range of 3.8860 – 3.9030 against USD today, says AmBank Research

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KUALA LUMPUR (April 23): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.8860 and S2: 3.8808 while the resistance is pegged at R1: 3.9030 and R2: 3.9108.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said yhe MYR fell 0.2% to 3.8977 against the USD more likely due to a stronger dollar.

He said although the FBM KLCI fell 0.4% to 1,887.75, the market enjoyed net inflow of foreign funds amounting to RM20.6 million.

Dass said crude oil prices i.e. WTI and Brent rose 0.1% to US$68.38/barrel and 0.4% to US$74.06/barrel respectively, after U.S. President Donald Trump accused OPEC of artificially inflating oil prices prompting OPEC members to respond with a refutation.

“Meanwhile, the 5- and 7-year Malaysian Government Securities yields remained the same at 3.800%, and 3.940% respectively, while the 10-year yield rose 2 basis points to 4.070%.

“The MYR held firm against regional peers like Singapore dollar by 0.2% to 2.9645, rupiah by 0.6% to 3,564.24, baht by 0.1% to 8.0403, but weakened against peso by 0.1% to 13.3717. The 5 year CDS rose 1.2% to 71.77,” he said.