Ringgit to move in range of 4.1534 – 4.1764 against USD today, says AmBank Research

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KUALA LUMPUR (May 17): AmBank Research said it expects the ringgit (MYR) to trade between its support level of 4.1477 and 4.1534 while the resistance is pinned at 4.1700 and 4.1764.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.22% to 4.165.

However, Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI finished in red 0.76% lower to 1,599.2.

He said in the local bond market, the Malaysian Government Securities (MGS) 7-year loss the most by 7.0 basis points (bps) to 3.765% while the MGS 10-year yields slipped 2.0bps to 3.815%.

“Both the MGS 3- and 5-year yields stayed flat at 3.430% and 3.605%, respectively.

“In the global commodities market, Brent rose 1.18% to US$72.62/bbl while WTI surged 1.37% to US$62.87/bbl on Thursday.

“The Malaysian ringgit settled stronger against its regional peers: appreciated further by 0.65% to 7.605 against the Thai baht; edged up 0.52% against the PHP at 12.61; uptick 0.38% to 5,601.5 against the VND and rose 0.15% against the Indonesian rupiah at 3,470.5,” it said.