KUALA LUMPUR (Dec 5): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1394 and 4.1417 while the resistance is pegged at 4.1483 and 4.1530 against the dollar.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.45% to 4.147 against the softer greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the 3-,5-, 7-year Malaysian Government Securities (MGS) yields eased by 1.0 basis point (bps) to 3.690%, 3.845%, and 4.025% respectively while the 10-year MGS yields edged lower by 3.5bps at 4.070%.

“However, the KLCI fell 0.28% to 1,695.

“Meanwhile, Brent rose 0.63% to US$62.08/bbl and WTI gained 0.57% to US$53.25/bbl as API reported an increase in crude inventories by 5.36 million bbl during the last week of November.

“MYR gained against Peso by 0.94% to 12.68; Rupiah by 0.79% to 3446.6; Baht by 0.31% to 7.901 and SGD by 0.23% to 3.043,” he said.