Shekel-dollar rate resumes climb

shekel  picture: Tamar Mitzpi
shekel picture: Tamar Mitzpi

FXCM: A rise above NIS 3.75/$ could spur more speculators to join the wave.

After falling back yesterday, the shekel-dollar exchange rate has risen 0.31% this morning in comparison with yesterday's representative rate, to NIS 3.7427/$. The shekel-euro rate is currently up 0.05%, at NIS 4.7599/€.

On world markets, the euro weakened yesterday against other major currencies following reports that the European Central Bank plans to launch a new quantitative easing program in early December.

Stock markets in the US and Europe rose sharply yesterday, and rises are being seen in Asian markets today as well, with investors encouraged by third quarter company financials in the US showing substantial growth in profits, which itself supports a strengthening of the US dollar.

"The momentum certainly indicates a high probability of a breakthrough of recent peaks towards the NIS 3.77/$ level," FXCM Israel says this morning. "A rise above NIS 3.75/$ could spur more speculators to join the wave. At the moment, despite the consistent rise in the pair in the past two months, there is no sign of a halt. The technical signs also still do not indicate an over-bought situation."

Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

shekel  picture: Tamar Mitzpi
shekel picture: Tamar Mitzpi
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