Ringgit to move in range of 3.8684 – 3.8802 against USD today, says AmBank Research
KUALA LUMPUR (Apr 13): Ambank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.8684 and S2: 3.8626 and our resistance of R1: 3.8802 and R2: 3.8855.
In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR eased 0.05% to 3.8765 against the US Dollar although the KLCI climbed 0.2% to 1,873.62 with foreign net inflow of RM17.5 million.
Also, he said crude oil i.e. WTI and Brent edged up 0.5% to US$67.16/barrel and 0.03% to US$72.08/barrel respectively, after OPEC forecasted global demand growth to rise 30k barrels/day for 2018 in its monthly report.
“Drag on MYR could have come from higher Malaysian Government Securities yields which rose across the curve (excluding the 30-year) with the 5- up 3 basis points (bps) to 3.620%, the 7- up 3.5bps to 3.900% and 10- up 4bps to 4.000%, respectively.
“The MYR rose against regional peers like Singapore dollar by 0.03% to 2.9577, rupiah by 0.09% to 3,554.24, baht by 0.3% to 8.0545, and peso by 0.2% to 13.4300. The 5 year CDS fell 0.41% to 72.06,” he said.
Source: The Edge