Ringgit to move in range of 3.9612 – 3.9790 against USD today, says AmBank Research

-A +A

KUALA LUMPUR (May 23): AmBank Group Research expects the ringgit (MYR) to trade within its support levels of 3.9527 and 3.9612 while the resistance levels are pegged between 3.9790 and 3.9898.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR rose 0.3% to 3.9675 against the dollar.

He said in the local bond space, the 5-, 7- and 10-year Malaysian Government Securities yields slipped 2 basis points (bps), 1.5bps and 1.5bps to 3.87%, 4.035% and 4.195%, respectively.

Meanwhile, he said the FBM KLCI shed 0.5% to 1,845.03 with a net foreign outflow of RM77.2 million.

“The crude oil prices were mixed, with WTI down 0.2% to US$72.13/barrel and Brent up 0.2% to US$79.35/barrel.

“The MYR weakened against regional currencies —the Singapore dollar by 0.2% to 2.9633, rupiah by 0.04% to 3,564.24 and baht by 0.2% to 8.0633, but strengthened against the peso by 0.03% to 13.1775. The 5-year CDS fell 1.35% to 83.17,” he said.