KUALA LUMPUR (Nov 26): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1826 and 4.1871 while the resistance is pinned at 4.1999 and 4.2070.

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 the greenback while the KLCI closed marginally higher by 0.02% to 1,695.9.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said in the bond market, the market was rather tepid with yields remaining unchanged.

He said the 3-year, 5-year, 7-year and 10-year Malaysian Government Securities closed at 3.695%, 3.885%, 4.070% and 4.145%, respectively.

“In the commodity space however, the oil market experienced another day of havoc as Brent skidded by 6.07% to US$58.80/barrel while WTI slid by 7.71% to US$50.42/barrel, more than 30% down over the last 7 weeks despite oil producers considering a cut in production.

“The MYR appreciated against most of its regional peers with it strengthening by 0.47% to 7.894 against the Thai baht and gaining by 0.38% to 12.53 against the peso.

“The MYR edged up by 0.08% to 3.052 against the SGD, yet it softened by 0.12% to 3,471 against the rupiah,” he said.