Shekel gains against dollar ahead of Oct CPI reading

Shekels Photo: Shutterstock

The shekel continues to weaken against the euro as figures show that growth in the eurozone outstripped US growth in the third quarter.

After losing ground over the past week, the shekel is strengthening against the dollar but continues to weaken against the euro today. In morning inter-bank trading, the shekel-dollar exchange rate was down 0.43% from yesterday's representative rate at NIS 3.5288/$, and up 0.43% against the euro at 4.1795/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.028% from Monday's rate at NIS 3.544/$ and set the shekel-euro rate down 0.797% at 4.162/€.

Later today, the Central Bureau of Statistics will report the Consumer Price Index for October. Price inflation for the twelve months to the end of September was 0.1%, well below the government target range of 1%-3%. Low inflation has already caused the Bank of Israel to delay planned interest rate hikes until the second half of 2018 and only a higher than expected rise in prices might change this.

On world markets the euro continues to gain against the dollar after data indicate that higher than expected eurozone economic growth outstripped US growth in the third quarter of 2017.

Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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