Ringgit to trade between 4.2195 - 4.2361 today, says AmBank Research

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KUALA LUMPUR (Oct 5): AmBank Research says the ringgit (MYR) is expected to trade with a downward trend today between 4.2195 and resistance of 4.2361 as the relative strength index remains stable while the positive MACD gap might continue to widen.

In its AmBankFXDaily report today, the research house said the MYR strengthened by 0.22% to 4.2275 against the USD supported by a 2.17 points gain in the FBM KLCI to close at 1761.84 plus a drop in the 5-year Malaysian Government Securities (MGS) by 1.5 basis points (bps) to 3.610% and 10-year MGS by 5.5bps to 3.910%.

“Meanwhile, both WTI and Brent fell by 1.09% to US$49.87 per barrel (pb) and 0.48% to US$55.73 pb after a surprise spike in US crude export followed by concerns on rising global supply.

“The 5-year CDS fell by 0.82bps to 66.02,” it said.