KUALA LUMPUR (March 8): AmBank Research expects the ringgit (MYR) to trade between our resistance level at 4.0986 and 4.1066 while our support level were set at 4.0765 and 4.0870.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.11% to 4.087 against the greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI recorded a slight uptick of 0.01% to 1,687.0.

He said on the local bond front, the reopening auction for the 3-year Malaysian Government Securities (MGS) 03/22 garnered a strong BTC of 3.132x with a high of 3.487%, low of 3.470% and average at 3.483% on the back of RM3.0 billion issue size.

Dass said bullish momentum continued to steepen the risk-free curve further, seeing the MGS 3-year yields fall 4.5 basis points (bps) to 3.475%.

“Meanwhile, the 5-year yields lost 2.0bps to 3.630% but the 7-year yields maintained at 3.800%. Meanwhile, the 10-year yield dropped 0.5bp to 3.875%.

“In commodities market, the Brent rose 0.47% to US$66.30/bbl while WTI gained 0.78% to US$56.66/bbl. As for the gold spot price, it closed 0.06% lower to US$1,286/oz due to inflation risk under pressured after ECB decided to inject stimulus into the market .

“MYR appreciated against most of its regional peers, it closed 0.09% higher to 3.012 against SGD; rose 0.10% to 7.797 against the baht; rose 0.12% to 3,460.4 against the rupiah; closed 0.22% higher against the peso to 12.80 but the currency settled 0.08% lower to 5,671.0 against VND,” he said.