Thursday 28 Mar 2024
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KUALA LUMPUR (May 3): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 3.9130 and 3.9204 while the resistance is pegged at 3.9411 and 3.9495.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR slipped by 0.3% to 3.9345 against the US Dollar moving in-tandem with softer local bond market as the 5-, 7-, and 10-year Malaysian Government Securities yields rose 5.5 basis points (bps) to 3.845%, 4.5bps to 4.010% and 3.0bps to 4.170% respectively.

“Besides, the KLCI fell 1.0% to 1,852.03 with a net foreign outflow totaling RM291.7 million.

“Meanwhile, crude oil i.e. WTI and Brent fell 0.9% to US$67.84/barrel and 0.1% to US$73.02/barrel respectively, after Energy Information Administration reported an increase of 6.2million barrel US oil inventories.

“The MYR strengthened against Singapore dollar by 0.2% to 2.9428 and baht by 0.2% to 8.0619 while remains unchanged against peso at 13.1891. However, the MYR weakened against rupiah by 0.04% to 3,545.15.The 5 year CDS rose 2.2% to 73.44,” he said.

 

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