Friday 29 Mar 2024
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KUALA LUMPUR (Dec 4): AmBank Group Research foresees the ringgit (MYR) trading between its support levels of 4.1551 and 4.1588 while the resistance is pinned at 4.1682 and 4.1727.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the ringgit appreciated 0.45% to 4.184 against the soft greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI echoed global gains but remained below the 1,700 level, closing at 1,699.7, after rising 1.18%.

He said the local bond market saw strong flows with yields sliding across the curve with 3-,5-, 7-year Malaysian Government Securities down by 1.5 basis points (bps) to 3.700%, 3.855%, and 4.035% respectively while the 10-year yield settled 4bps lower at 4.105%.

He said in the meantime, the commodities market cheered along surging oil price amid the easing trade war tension and OPEC’s meeting on a production cut.

“Brent jumped 5.08% to US$61.69/bbl and WTI rose 3.97% to US$52.95/bbl.

“On another note, the biggest natural gas producer Qatar has decided to leave the cartel starting on the first day of 2019, signalling a conflict might be brewing in OPEC.

“Meanwhile, the MYR strengthened against its Asean peers. It appreciated by 0.22% to 3.050 against the SGD, up by 0.20% to 12.56 against the peso and climbed 0.05% to 3419.7 against the rupiah. However, the MYR was flat against the Thai baht at 7.876,” it said.

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