KUALA LUMPUR (Nov 2): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1702 and 4.1730 while the resistance is pinned at 4.1833 and 4.1863.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.15% to 4.178 against the greenback.

He said the local bourse closed lower by 0.14% at 1,706.9 with just RM6.1 million net foreign inflow.

Dass said in the bond market, buying momentum halted after heavy month end flows.

He said the 3-year Malaysian Government Securities (MGS) gained 1.5 basis points (bps) to 3.680%, while the 5-years up 0.5bps to 3.805% and 7-year remained at 4.015%.

“The 10-year MGS rose 1.0bps to 4.100%. In the commodity space, the Brent fell by 3.42% to US$72.89/barrel while WTI slipped 2.48% to US$63.69/barrel.

“During the month, both Brent and WTI shed 14% and 15.1% respectively marking the worst monthly loss since mid-2016.

“The MYR depreciated against majority of its regional peers. It weakened by 0.46% against the Thai baht to 7.876, down 0.34% against the rupiah at 3621.0, and slipped 0.24% to 12.74 against the peso. MYR lost 0.26% against the SGD to 3.029,” he said.