Ringgit to trade between 4.450 and 4.460, says AmBank

Ringgit to trade between 4.450 and 4.460, says AmBank
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KUALA LUMPUR (Aug 4): AmBank Group Research expects the ringgit to trade between the support level of 4.450 and 4.460 while the resistance is pinned at 4.560 and 4.610.

In a FX daily highlight note on Thursday (Aug 4), AmBank group chief economist and head of research Dr Anthony Dass said the ringgit depreciated slightly by 0.01% to 4.456, almost hitting its weakest level since the end of July, and traded within the range of 4.459 and 4.455.

He said Malaysia has agreed in principle to implement a global minimum tax of 15% on certain multinational companies and is among the 136 countries that were ready to abide by the global tax reform.

Meanwhile, commenting on the US dollar, Dass said the greenback gained 0.25% to 106.51, recovering from the one-month low it hit recently. July’s ISM Services PMI surprisingly rose to 56.7, the highest reading in three months, from 55.3 in June, exceeding market expectations of 53.5.

“On another note, several Fed policymakers indicated that the central bank remained committed in tightening its policy to a more restrictive level and taming down the runaway inflation,” he said.