KUALA LUMPUR: Ambank Research expects the ringgit (MYR) to trade between its support level of 4.0989 and 4.1052 while the resistance is pinned at 4.1150 and 4.1270.
In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR slipped 0.09% to 4.118 against the dollar.
Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI fell 0.38% to 1672.8.
He said a new benchmark for 10Y GII was issued in local govvies market which garnered a strong BTC of 4.07x despite its larger than usual issuance.
“Its yield averaged at 4.13%. The 7-year Malaysian Government Securities (MGS) yields rose 1 basis point (bps) to 3.985% while the 10-year MGS yield fell 1.5bps to 4.065%.
“Both the 3- and 5-year MGS yields remained unchanged at 3.570% and 3.735% respectively.
“For the oil market, both Brent and WTI jumped 2.18% and 2.60% to US$58.58/bbl and US$49.78/bbl as the API stock report showed a 6.27million decline in US inventories,” he said.
Dass said the MYR rose 0.38% to 3435.3 against the rupiah and gained 0.19% against Thai Baht to 7.777. However, it softened 0.14% to 12.74 against the peso and slipped 0.02% to 3.033 against SGD. -THE EDGE MARKETS