Shekel continues strengthening

FXCM Israel: The escalation of the euro zone debt crisis could strengthen the shekel to NIS 4.6/€ in the coming months.

The shekel was again strengthening against the dollar and the euro in morning inter-bank trading today. The shekel-dollar exchange rate fell 0.21%, compared with yesterday's representative rate, to NIS 3.672/$ and the shekel-euro exchange rate fell 0.04% to NIS 4.749/€.

In international markets, the dollar is traded at $1.293/€ against the euro.

FXCM Israel research department said, "The storm surrounding the Cyprus crisis has slightly subsided, although only temporarily, and markets have begun rising again thanks to good data published in China, and after yesterday's US Federal Reserve meeting which decided to continue its planned quantitative easing."

Regarding foreign currency trading in Israel FXCM Israel said, "The escalation of the euro zone debt crisis could push the shekel euro exchange rate down to NIS 4.6/€ in the coming months. The shekel-dollar exchange rate continue to follow market sentiment movements according to global risk although trading is trapped in a NIS 3.66-3.70/$ band and while this is not breached it is difficult to discern future trends. A rise above this could strengthen the momentum of the dollar as we have seen recently and lead to an exchange rate around NIS 3.74/$. A fall below NIS 3.66/$ could hasten a drop to new lows."

Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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