KUALA LUMPUR (March 27): AmBank Research expects teh ringgit (MYR) to trade between its support level of 4.0544 and 4.0611 while the resistance is pinned at 4.0766 and 4.0871.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR lost 0.06% to 4.072 against the stronger dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI closed 0.05% higher to 1,649.9 supported by broad based recovery in global markets.

He said in local bond market, trading activities was continued to be focused in the GII space as compared to Malaysian Government Securities (MGS).

He said the MGS 3-, 5-and 7-year remained unchanged at 3.415%, 3.590% and 3.770%, respectively.

“But the 10-year yield added 0.5 basis point to 4.590%. Also, BNM announced a new 7Y GII 3/26 benchmark auction with RM4.0 billion up for auction. WI was seen quoted at 3.84-3.81% level.

“As for Brent and WTI crude oil prices, they jumped 1.13% and 1.90% to US$67.97/bbl and US$59.94/bbl respectively despite API recorded 1.93 million bbl surplus in inventories.

“Back to regional front, MYR fell against the SGD by 0.04% to 3.013; by 0.15% to 3,480.9 against the rupiah; by 0.15% against VND to 5,693.3 while it rose 0.18% against the baht to 7.769 and 0.16% higher to 12.92 against the peso,” he said.