KUALA LUMPUR (Nov 28): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1790 and 4.1841 while the resistance is pegged at 4.1943 and 4.2000.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell by 0.04% to 4.188 against a stronger dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI ended lower by 1.00% to 1685.0, weighed down by the drop in Genting Malaysia Bhd and Genting Bhd.

He said for the local bond market, the 3-year and 10-year Malaysian Government Securities (MGS) edged up by 1.0 basis point (bps) and 0.5bps to 3.705% and 4.150%, respectively.

“Meanwhile, the 5-year and 7-year MGS unchanged at 3.885% and 4.070%. In the commodity space, oil prices fell with both Brent and WTI down by 0.45% and 0.14% to settle at US$60.21/bbl and US$51.56/bbl respectively.

“Concerns surrounding a slowdown in the global economy, on the heels of the ongoing U.S.-China trade dispute, raised expectations for a decline in energy demand and strength in the dollar weighed on dollar-denominated prices of oil.

“At the same time, the MYR has risen against majority of its regional peers as it strengthens by 0.23% to 3465.7 against the Rupiah and up by 0.26% to 12.54 against the Peso. Although the MYR appreciated by 0.19% to 3.046 against SGD, it softened by 0.01% to 7.889 against Thai Baht,” he said.