Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 26): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.0488 and 4.0574 while the resistance is pinned at 4.0773 and 4.0835.  

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR rose 0.26% to 4.067 against the weaker greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI rose 0.18% to 1,724.6 due to a broad based risk-on sentiment following the tariff deadline extension.

He said in local bond market, trading volume was thin with yields largely unchanged.

“While the 3-year Malaysian Government Securities (MGS) yield rose 1.0 basis point to 3.580%, the MGS yields for 5-,7- and 10-year remained at 3.705%, 3.865% and 3.890% respectively.

“Looking at the oil prices of Brent and WTI, both fell 3.52% and 3.11% to US$64.76/bbl and US$55.48/bbl following US President Trump citing the crude oil price is too high and wants the OPEC to “take it easy”.

“MYR rose 0.04% to 3.014 against SGD; gained 0.07% against Thai Baht; slid 0.03% against Indonesia Rupiah to 3,446.6 and rose 0.06% against 12.79 against Philippine Peso,” he said.

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