FXCM Israel: The dollar is still exposed to further weakening.
The shekel is again strengthening today against the dollar and against the euro. In afternoon inter-bank trading, the shekel was down 0.32% against the dollar from yesterday's representative rate at NIS 3.797/$, and down 0.46% against the euro at NIS 4.069/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.210% compared with Monday's rate at NIS 3.809/$, and the representative shekel-euro rate was set down 0.139% at NIS 4.088/€.
FXCM Israel said in its morning survey, "The shekel-dollar exchange rate has stabilized somewhat just above the NIS 3.80/$ threshold but is still exposed to further falls. Breaking below NIS 3.80/$ could speed up the fall to NIS 3.77-3.78/$. Worldwide the dollar is also retreating, with the euro standing out, having risen to a three week high against the dollar. However, the euro faces major concerns in trading in 2017 with elections in the Netherlands, Germany, Italy and France and the rise of forces wanting to dismantle the EU."
Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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