KUALA LUMPUR (March 19): Ambank Research expects the ringgit (MYR) to trade between its support level of 4.0648 and 4.0695 while the resistance is pinned at 4.0829 and 4.0905 for the day.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR rose 0.34% to 4.077 against USD partly due to weaker dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI gained 0.62% to 1,690.94, in tandem with the positive movement in the regional equities market on anticipation that the US Fed will not spring any undue surprises.

He said in the local bond market, the 3-year Malaysian Government Securities (MGS) yield fell 3.0 basis points while the yields for the 5-,7- and 10-year MGS remained unchanged at 3.590%, 3.790% and 3.845%, respectively.

Dass said looking at the oil prices, both the Brent and WTI jumped 0.57% and 0.97% to US$67.54/bbl and US$59.09/bbl respectively as OPEC skipped the April meeting leaving the supply cap unchanged until June’s meeting.

“Ringgit appreciated against all its peers, it gained 0.15% to 3.016 against SGD; rose 0.40% to 7.774 against That baht; appreciated 0.20% to 3,493.0 against Indonesia rupiah; rallied 0.40% to 12.93 against Philippine peso and close 0.11% higher to 5,688.4 against Vietnamese dong,” he said.