Friday 29 Mar 2024
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KUALA LUMPUR (Oct 26): AmBank Group research expects the ringgit to trade between its support level of 4.1625 and 4.1656 while the resistance holds at 4.1721 and 4.1742.

In his AmBankFXDaily note today, AmBank Group chief economist and head of research Dr Anthony Dass said the ringgit edged lower 0.07% to 4.17 against the US dollar.

He said the KLCI fell 0.2% to close at 1,686.6 with a net foreign outflow of RM101 million.

Dass said bonds saw selling pressure following news citing Moody’s it would be credit negative if Malaysia further expands its deficit in the upcoming budget.

“3-year Malaysian Government Securities (MGS) added 3 basis points (bps) to 3.670%; 5-year yield gained 2.5bps to 3.820% and 7-year yield up 1bp to 4.060%.

“10-year MGS also gained 3bps to 4.180%. Brent rebound, up 0.95% to US$76.89/barrel while WTI gained another 0.76% to US$67.33/barrel.

“The MYR fell against regional currencies. It lost 0.05% against PHP to 12.89, down 0.13% against rupiah to 3,642.5, depreciated 0.14% against SGD at 3.024 and lower by 0.11% to 7.896 against the baht,” he said.

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