KUALA LUMPUR (Nov 14): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1785 and 4.1857 while the resistance is pinned at 4.1977 and 4.2079.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell 0.11% to 4.193 against the US dollar reaching closer to the 4.20 resistance level.

He said the KLCI fell 0.51% to 1,687.6.

“Meanwhile the local bond market saw the 3-year Malaysian Government Securities (MGS) yields rose 1.5 basis points (bps) to 3.705% while the 5-year edged 0.5bps higher at 3.830% and 7-year gained 1.0bps to 4.025%.

“The 10-year MGS rose 2.5bps to 4.155%. In the commodity space, global oil market fell into a bloodshed with Brent down 6.63% to US$65.47/barrel while WTI fell 7.07% to US$55.69/barrel triggered by fears of oversupply.

“The MYR depreciated against its regional peers. It fell by 0.65% against the Thai baht to 7.863, soften 0.21% against the rupiah at 3531.3 and weakened by 0.40% at 12.66 against the peso. The MYR ended 0.11% lower against the SGD at 3.032,” he said.