Ringgit to move in range of 3.9022 – 3.9151 versus USD today, says AmBank Research

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KUALA LUMPUR (March 9): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.9022 and S2: 3.8946 while the resistance is pegged at R1: 3.9151 and R2: 3.9218 supported by stable relative strength index and narrowing MACD gap.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.09% to 3.9085 against the USD.

He said crude oil namely WTI and Brent dropped 1.4% to US$60.27/barrel and 0.8% US$63.83/barrel respectively.

“Meanwhile, the KLCI gained 0.09% to 1,839.62 despite foreigners assuming a net selling position with an outflow of RM90.6 million.

“Malaysian Government Securities yields remained unchanged across the curve, with the 5-year yield at 3.585%, 7- at 3.865% and the 10- at 3.995%.

“The MYR had a mixed performance against the regional peers, closing weaker against the Singapore dollar (0.09% to 2.9705) and baht (0.07% to 8.0244) but stronger against rupiah (0.3% to 3,534.83) and peso (0.2% to 13.3394). The 5 year CDS rose 0.55% to 64.29,” he said.