Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 27): AmBank Research expects ringgit (MYR) to trade between its support level of 4.0447 and 4.0512 while the resistance is pinned at 4.0747 and 4.0830.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.11% to 4.072 against the greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI dropped 0.32% to 1,719.0 amid profit-taking.

He said in local bond market, yields stayed unchanged in the absence of new catalyst.

“All 3-, 5, 7- and 10-year Malaysian Government Securities yield remained at 3.580%, 3.705%, 3.865% and 3.890%, respectively.

“In commodities market, crude oil prices bounced back from bearish President Trump’s statement as the market showed strong confidence on OPEC to balance the crude oil market.

“Brent rose 0.69% to US$65.21/bbl while WTI gained 0.04% to US$55.50/bbl. MYR fell 0.08% to 3.016 against SGD; depreciated 0.02% to 7.686 against the baht; lower 0.30% to 3,436.5 to the rupiah and slid 0.06% to 12.78 against the peso,” he said.

 

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