FXCM: All factors now support a break through the NIS 4/$ level.
The shekel has weakened against the major currencies this morning, at the start of the week's trading on the foreign exchange market. The shekel-dollar rate is currently up 0.78% compared with Friday's representative rate, at NIS 3.9968/$, and the shekel-euro rate is up 0.59%, at NIS 4.4734/€.
FXCM Israel says in its market review this morning, "After last week's drama on the local foreign exchange market, the shekel-dollar pair is opening this week with positive momentum, testing the key NIS 4/$ level. At least on the face of it, all factors now support a break through this psychological barrier in the next few days. The Bank of Israel wants this barrier to be broken. Following three failed attempts in the past two months, success now could signify the pair's next bullish move, but it will be advisable to wait for a few days for the rise to consolidate before declaring a genuine breakthrough."
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
shekel picture: Tamar Mitzpi