Thursday 28 Mar 2024
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KUALA LUMPUR (April 30): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.1205 and 4.1247 while the resistance is pinned at 4.1378 and 4.1418.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.05% to 4.134 against the dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI dropped 0.06% to 1,637.4.

“Focus was on the re-opening of 7-year Malaysian Government Securities (MGS) 07/26 with the issuance size of RM3 billion on top of a RM0.5 billion private placement, gathering a modest BTC of 1.510x with a high/low spread of 4.2 basis points (bps) between 3.777% and 3.735% while averaging at 3.757%.

“The MGS 3-year and 5-year yield remained unchanged at 3.420% and 3.595%, respectively. The 7-year MGS yields appreciated 4.0bps to 3.785% and the 10-year MGS yields gained 0.5bps to 3.795%. Brent fell by 0.06% to US$72.04/bbl while the WTI gained 0.32% to US$63.59/bbl,” he said.  

Dass said the MYR weakened against most of its regional peers, losing 0.12% to 3.037 against the SGD; 0.08% lower against baht at 7.722; gained 0.01% to 3,437.1 against the rupiah; fell 0.05% to 12.61 against the peso and rose 0.04% to 5,631.6 against VND.

 

 

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