Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 4): AmBank Research expects the ringgit (MYR) to trade between our resistance level of 4.1029 - 4.1098 and support level of 4.0857 - 4.0904.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR appreciated by 0.27% to 4.095 on Thursday before the market closed on Friday for FT holiday.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the local bourse fell slightly by 0.03% to 1,683 while the local bond yields traded sideways across the curve.

He said the 5-, 7-, and 10-year Malaysian Government Securities yields remained unchanged at 3.755%, 3.900%, and 4.070%, respectively.

“Meanwhile, crude oil prices ended in the green territory with Brent and WTI jumped 1.39% to US$62.8/bbl and 2.73% to US$55.3/bbl, respectively boosted by firmer demand expectations following the release of the strong US labour market data as well as firm US ISM Manufacturing print.

“MYR strengthened against its regional peers as it rose 0.14% to 3.035 against Singapore Dollar, up 0.34% to 7.647 against baht, and closed higher by 0.18% to 12.768 against peso.

“However, MYR weakened against Indonesian rupiah by 0.27% to 3403.9,” he said.

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