KUALA LUMPUR (May 4): AmBank Group Research expects the ringgit (MYR) to trade between its support levels of 3.9100 and 3.9211 while the resistance is pegged at 3.9402 and 3.9533.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.04% to close at 3.9330 against the US Dollar.

He said the bond yields fell across the curve as the 5-, 7-, and 10-year Malaysian Government Securities dropped by 3 basis points (bps) to 3.815%, 3.5bps to 3.975% and 4.0bps to 4.130% respectively.

“Besides, crude oil namely WTI and Brent gained 0.8% to US$68.48/barrel and 0.5% to US$73.73/barrel respectively.

“But the KLCI fell 0.01% to 1,851.80 with a net foreign outflow amounting RM114.2 million.

“The MYR weakened against regional currencies like Singapore dollar by 0.5% to 2.9576, peso by 0.4% to 13.1406, rupiah by 0.03% to 3,543.99 and baht by 0.5% to 8.0387. The 5 year CDS rose 3.5% to 75.99,” it said.