KUALA LUMPUR (Jan 29): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.0993 and 4.1032 while the resistance is pinned at 4.1137 and 4.1223.  

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR extended its rally by 0.33% to 4.112 against the weaker dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the local bourse fell 0.21% to 1,697.5 following a broad-base risk-off sentiment.

He said meanwhile, in the local bond market, yields movement were rather muted with 5-year Malaysian Government Securities (MGS) eased by 1.0 basis point (bps) to 3.755% while the 7-year MGS edged up 0.5bp to 3.905%.

Dass said the 3- and 10-year MGS remained unchanged at 3.605% and 4.075% respectively.

“At the same time, BNM announced a reopening auction for 5Y GII 11/23 with an issuance size of RM4.0 billion.

“For the commodities market, both Brent and WTI dipped 2.77% and 3.17% to US$59.93/bbl and US$51.99/bbl respectively amid fear for weakening global demand.

“The MYR strengthened against most of its regional peers. It gained 0.36% to 7.669 against Thai Baht, inched up 0.19% to 3422.1 against the rupiah and closed 0.32% higher against the peso. However, it slipped 0.06% to 3.037 against SGD,” he said.