FXCM Israel: A rise above NIS 3.98/$ might provoke speculators to test the NIS 4/$ level.
The shekel is stable against the dollar and the euro in inter-bank trading this morning in quiet pre-Passover holiday trading. The shekel-dollar exchange rate is trading down 0.14% against the dollar at NIS 3.975/$ and the Israeli currency is down 0.08% against the euro at 4.27/€
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.98/$, up 0.227% on Monday's rate, and set the shekel-euro representative exchange rate at NIS 4.274/€, down 0.672%.
FXCM Israel research department said this morning, "The shekel-dollar exchange rate continues to push upwards this week and is trading around the NIS 3.975/$ resistance level. A rise above NIS 3.98/$ might provoke speculators to test the NIS 4/$ level. The significant thresholds are now above NIS 4/$ and below NIS 3.90/$. These are the limits of the range set by the two currencies over the past few weeks. The source of the strengthening of the dollar over th3e past day has been growing demand for safe assets following falls on Wall Street."
Published by Globes [online], Israel business news - www.globes-online.com - on April 1, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
shekel picture: bloomberg