KUALA LUMPUR (Nov 29): AmBank Group Research expects the ringgit (MYR) to trade between its support levels of 4.1861 and 4.1921 while the resistance is pinned at 4.2020 and 4.2055.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR fell by 0.30% to 4.201 against the greenback.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI gained slightly by 0.09% to 1,686.6.

Meanwhile, he said the 3-year, 5-year and 7-year Malaysian Government Securities (MGS) remained unchanged at 3.705%, 3.885% and 4.070% while 10-year MGS edged up by 1.0 basis point to 4.160%.

“In the commodity space, oil prices dipped further after US inventories rose for the 10th straight week amid concerns about excess global supply.

“The Brent ended lower at US$58.76/barrel while WTI fell by 2.46% to US$50.29/barrel.

“Meanwhile, the MYR weakened against its regional peers. It softened by 0.69% to 7.834 against the Thai baht, marking its biggest drop this month. It also slid by 0.21% to 3458.5 against the rupiah and slipped by 0.32% to 12.50 against the peso. Against the SGD, it was lower by 0.01% at 3.046,” he said.