Ringgit to move in range of 4.0602 – 4.0719 against USD today, says AmBank Research

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KUALA LUMPUR (Feb 21): AmBank Research expects the rinngit (MYR) to trade on a slightly muted note, between its support levels of 4.0569 and 4.0602 while the resistance is pinned at 4.0719 and 4.0751.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR rose 0.30% to 4.069 against a softening greenback while the KLCI rallied another 1.15% to 1,726.2.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said market activity picked up slightly yesterday with bond prices seen firmer as compared with the previous close.

“The Malaysian Government Securities 3-year benchmark yield was unchanged at 3.575% with yields easing at the belly. The 5-year yield slid 1.5 basis points (bp) to 3.715% while the 7- and 10-year yield dropped 0.5bp to 3.860% and 3.890% respectively.

“In the commodities market, Brent and WTI gained 0.95% and 1.48% as the Saudi energy minister suggested the market will be “balanced” around April.

“The ringgit depreciated 0.02% to 3.011 against the SGD; rose 0.18% to 7.464 against the baht but slid 0.11% and 0.10% against the rupiah and the peso to 3,452.3 and 12.79, respectively,” he said.