KUALA LUMPUR (March 29): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.0604 and 4.0679 while the resistance is pinned at 4.0848 and 4.0931 against the USD.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR loss 0.16% to 4.080 against the dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI closed 0.09% lower to 1,641.3.

He said in the local bond market however, bull momentum picked up steam right off the bell as the Malaysian Government Securities 10-year yield fell 3.0 basis points (bps) to 3.755%. 3-, 5- and 7-year yield eased 1.0bps, 2.5bps and 4.5bps to 3.385%, 3.545% and 3.710% respectively.

“Besides, RM4.0 billion GII 7-year new issuances auction closed with a decently strong BTC of 2.330x and averaged at 3.726%; 10bps lower from previous closing.

“Crude oil prices i.e. Brent and WTI, fell 0.01% to US$67.82/bbl and down 0.19% to US$59.30/bbl, respectively after Trump criticized OPEC due to the failure to bring down crude oil prices.

“The ringgit traded mixed among its peers. It gained 0.06% to 3.009 against SGD; loss 0.25% against the baht to 7.812; increased 0.08% against the rupiah to 3,491.4; rose 0.24% to 12.95 against PHP but loss 0.16% to 5,686.6 against VND,” he said.