Friday 29 Mar 2024
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KUALA LUMPUR (Nov 16): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1810 and 4.1860 while the resistance is pinned at 4.1979 and 4.2048.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR strengthened by 0.13% to 4.191 against USD.

He said the KLCI edged up by 0.34% to 1694.2 as the Sino-US trade war de-escalation hope spurs its growth.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia said in the bond market, the flows were concentrated on selective papers i.e. the 7-year GII.

“But in the Malaysian Government Securities (MGS) space, prices were mostly quoted sideways with the 3-year, 7-year and 10 years MGS yields unchanged for the days at 3.705%, 4.025% and 4.155% respectively.

“In the commodity space, both Brent and WTI has extended their gain by 0.76% to US$66.62/barrel and 0.37% to US$56.46/barrel respectively amid the rise in inventory in the latest report by API and EIA.

“The MYR has softened against most of its regional peers. It weakened by 0.70% against the Rupiah to 3499.6 and down by 0.62% to 12.59 against the Peso. The MYR has slipped against SGD by 0.22% to 3.044 yet it up against Thai Baht by 0.15% to 7.866,” he said.

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