Ringgit to move in range of 3.8638 – 3.8792 against USD today, says AmBank Research

Ringgit to move in range of 3.8638 – 3.8792 against USD today, says AmBank Research
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KUALA LUMPUR (Apr 12): AmBank Group Research expects the ringgit (MYR) to trade between its support level of S1: 3.8638 and S2: 3.8583 while the resistance is pegged at R1: 3.8792 and R2: 3.8850.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR softened 0.1% to 3.8745 against the US Dollar.

He said although the KLCI inched 0.5% higher to 1,869.89, net foreign funds recorded a net outflow of RM27.4 million.

Dass said crude oil i.e. WTI and Brent rose 1.5% to US$66.72/barrel and 1.2% to US$71.90/barrel respectively, following tensions in the Middle East intensified when Trump declared a strike on Syria.

He said adding fuel to the fire was Yemen's Houthis (military rebels) launching missiles targeted at Saudi's oil storage facilities.

“The 5-, 7-, and 10-year Malaysian Government Securities yields remained unchanged at 3.590%, and 3.865%, and 3.960%, respectively.

“The MYR weakened against regional peers like Singapore dollar by 0.3% to 2.9586, rupiah by 0.09% to 3,551.04, baht by 0.4% to 8.0338, and peso by 0.2% to 13.4034. The 5 year CDS rose 2.2% to 72.36,” he said.