Friday 29 Mar 2024
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KUALA LUMPUR (June 10): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.1427 and 4.1486 while the resistance is pinned at 4.1631 and 4.1693.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR appreciated by 0.38% to 4.159 due to a weaker dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI closed 0.32% higher to 1,649.3.

He said that meanwhile, the local bond market activities were rather tepid as majority of market players took off for an extended long weekend.

“Nonetheless, the 3-year Malaysian Government Securities (MGS) fell 0.5 basis points (bps) to 3.335% while both 7- & 10-year MGS dropped 1.0bps to 3.615% and 3.7000%, respectively in view of easing global yields.

“In the global commodities market, Brent rose 2.63% to US$63.29/bbl while WTI gained 2.66% to US$53.99/bbl fueled OPEC who is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.

“The MYR closed in green against most of the major currencies; (EUR) 0.12% to 4.686; (GBP) 0.09% to 5.289; (JPY) 0.18% to 3.844 and (CNY) 0.38% to 1.661. Regionally, the MYR appreciated 0.71% against the PHP at 12.49; rose 0.49% to 3.043 against the SGD; edged up 0.33% to 3,430.9 against the IDR and leaped 0.27% against the THB at 7.517 however, the MYR declined slightly 0.01% to 5,640.6 against the VND,” he said.

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