Ringgit to move in range of 3.8591 – 3.8692 against USD today, says AmBank Research

Ringgit to move in range of 3.8591 – 3.8692 against USD today, says AmBank Research
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KUALA LUMPUR (Apr 11): Ambank Group Research expects the ringgit (MYR) to trade between its support level of S1:3.8591 S2: 3.8560 while the resistance is pegged at R1: 3.8692 R2: 3.8731 supported by falling relative strength index.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR gained 0.05% to 3.8690 against the US Dollar partly due to KLCI which edged up 0.6% to 1,860.98, with net inflow of foreign funds amounting to RM131.0 million.

He said crude oil i.e. WTI and Brent rose 3.7% to US$65.76/barrel and US$71.76/barrel respectively, hitting a two year high following news on geopolitical tensions in Syria raises concerns on possible output disruption to Middle East as well as easing trade spat between US and China.

“But the 5-year Malaysian Government Securities yields rose 1.5 basis points at 3.590%, while the 7- and 10-year stayed unchanged at 3.865% and 3.960%.

“MYR fell against regional peers like Singapore dollar by 0.2% to 2.9510, rupiah by 0.02% to 3,554.15, and baht by 0.02% to 8.0612, and peso by 0.11% to 13.4332. The 5 year CDS fell 2.12% to 70.80,” he said.