Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (June 5): AmBank Group Research expects the ringgit (MYR) to trade within its support levels of 3.9559 and 3.9650 and resistance of 3.9838 and 3.9965.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said there could be some very near-term impact on the MYR today as the trade data for April will be released.

“Market expects exports and imports to grow by 6.3% year-on-year (y/y) with trade balance estimated at RM12.7 billion, we are looking at 3.5%y/y export growth and imports -3.4%y/y and trade balance around RM13.5 billion,” he said.

Dass said the MYR rose 0.2% to 3.9718 partly due to dollar weakening.

He said the KLCI shed 0.07% to 1,755.17 with a net foreign outflow of RM104.2 million.

“In the local bond space, the 5- and 10-year remained unchanged at 3.815% and 4.195% while the 7-year Malaysian Government Securities yields rose 1.5 basis points to 4.050%.

“Also, crude oils prices i.e. WTI and Brent fell 1.0% and 1.9% to US$64.84/barrel and US$75.32/barrel respectively following the speculations that OPEC will ease supply cuts.

“The MYR weakened against the regional currencies - Singapore dollar by 0.1% to 2.9731 and rupiah by 0.05% to 3494.05, but strengthened against peso by 0.2% to 13.2409 and baht by 0.04% to 8.0577. The 5-year CDS rose 2.07% to 92.32,” he said.

      Print
      Text Size
      Share