Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 18): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1302 and 4.1337 while the resistance is pinned at 4.1461 and 4.1507.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said prior to the long weekend break, MYR rose 0.15% to 4.138 against the dollar.

He said the KLCI closed 0.62% higher to 1803.8 with a net foreign inflow of RM177.7 million.

“Meanwhile, the 5-year Malaysian Government Securities (MGS) yields remained unchanged at 3.815% but the 7- and 10-year MGS yields fell 1 basis point (bps) and 0.5bps to 4.015% and 4.115%, respectively.

“Crude oil namely WTI and Brent fell 0.12% and 0.05% to US$68.91/barrel and US$78.05/barrel, respectively as a result of the ongoing US-China trade tension which outweighed the supply concerns caused by falling Iranian export.

“The MYR strengthened against its regional peers ie. up 0.39% to 3.012 against the Singapore dollar, 0.46% to 3594.9 against rupiah, 0.46% to 13.098 against peso while fell 0.30% to 7.8765 against baht. Meanwhile Chinese Yuan rose 0.15% to 6.857 against the weaker dollar,” he said.

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