FXCM Israel: The increased lead in the polls that Hillary Clinton holds over Donald Trump is strengthening sentiment towards the dollar.
The shekel is weakening today against the dollar and against the euro. In morning inter-bank trading, the shekel was up 0.36% against the dollar from yesterday's representative rate at NIS 3.833/$, and up 0.10% against the euro at NIS 4.203/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.052% from Tuesday's rate at NIS 3.819/$, and the representative shekel-euro rate was set down 0.112% at NIS 4.199/€.
FXCM Israel said in its morning survey, "After a small correction, the shekel-dollar exchange rate is again pushing upwards to its highest level since August 8 due to growing expectations that the US Fed will raise interest rates in December due to the improved macroeconomic data being published in the US. The increased lead in the polls that Hillary Clinton holds over Donald Trump is also strengthening sentiment towards the dollar."
"Markets are also waiting to see if European Central Bank President Mario Draghi will hint about beginning reducing quantitative expansion at the interest rate meeting."
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2016
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