KUALA LUMPUR (Feb 27): AmBank Group research said the ringgit  (MYR) could trade between its support level of S1: 3.8910 S2: 3.8840 while the resistance is pegged at R1: 3.9068 R2: 3.9162.

In his AmBankFXdaily report today, AmBank group chief economist and head of research Anthony Dass said the key focus of the day is January US Durable Goods Orders and February Consumer Confidence.

Dass said the MYR recovered 0.4% to 3.9030 against the USD.

He said crude oil prices namely WTI and Brent edged up 0.7% to S$63.97/barrel and 0.4% to US$67.55/barrel respectively, due to increased uncertainty regarding when production will resume in Libya.

“The KLCI inched 0.08% lower to 1,860.08, despite foreign investors assuming a net buying position with RM30 million of inflow.

“The 5-year Malaysian Government Securities yield was unchanged at 3.615%, while the 7- and 10-year yields fell 4 basis points (bps) to 3.970% and 2.5bps to 4.055% respectively.

“The MYR appreciated against regional peers including Singapore dollar by 0.2% to 2.9673, peso by 0.6% to 13.3033, baht by 0.02% to 8.0141, as well as rupiah by 0.3% to 3,499.2. The 5-year CDS fell 1.7% to 62.22,” he said.