Ringgit to move in range of 3.8996 – 3.9175 against USD today, says AmBank Research

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KUALA LUMPUR (April 26): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 3.8907 and 3.8996 while the resistance is around 3.9175 and 3.9243.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.2% at 3.9115 against the US Dollar.

He said the KLCI fell 0.7% to 1,851.93 with net foreign outflow of RM88 million, while the Malaysian Government Securities yields for 5-, 7-, and 10-year gained 1 basis point (bps) to 3.890%, 2.5bps to 4.100%, and 1.5bps to 4.205% respectively.

However, Dass said the rise in crude oil prices i.e. WTI and Brent by 0.4% to US$67.97/barrel and 0.2% to US$73.99/barrel respectively, following unchanged concerns on the renewal of US sanctions on Iran outweigh oil data suggesting higher oil supply and build up in the US crude stocks by 2.2 million barrels for the week ended 20 April (consensus: -2.04 million).

“The MYR firmed against regional peers namely Singapore dollar by 0.1% to 2.9489, rupiah by 0.06% to 3,558.74, baht by 0.1% to 8.0602, but weakened against peso by 0.08% to 13.3773. The 5 year CDS increased 0.37% to 73.69,” he said.