FXCM Israel: The shekel is likely to weaken against the dollar with President Trump expected to cut corporate tax.
The shekel is strengthening against the dollar against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate was down 0.14% from yesterday's representative rate at NIS 3.743/$, and down 0.14% against the euro at NIS 3.978/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.027% compared with Friday's rate at NIS 3.748/$, and the representative shekel-euro rate was set down 0.035% at NIS 3.987/€.
FXCM Israel said in its daily review this morning, "The shekel-dollar exchange rate is finding it difficult to generate momentum to move above NIS 3.75/$ even though worldwide the dollar index has moved to a 3-week high on expectations that President Trump will announce a corporation tax cut in the coming weeks, which will help companies increase profits. Long traders have no hesitation in buying the dollar at its current low price and if it continues to stabilize then the shekel-dollar exchange rate can be expected to climb."
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
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