FXCM Israel: Rising above NIS 3.90/$ could spur speculators into pushing the rate upwards.
The shekel is strengthening against the dollar and against the euro in inter-bank trading this morning. The shekel-dollar exchange rate is trading down 0.33% against the dollar at NIS 3.877/$, and down 0.89% against the euro at NIS 4.292/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.89/$, up 0.829% on last Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.33/€, down 0.299%.
FXCM Israel research department said this morning, "The trading week on the global foreign currency trading markets has begun without any special movement with thin trading volumes. The shekel-dollar exchange rate tried to break upwards but was stopped at NIS 3.895/$ and fell back to NIS 3.88/$. NIS 3.90/$ is a major level of resistance. This is the lower limit in which the shekel-dollar exchange rate was trapped in March and April. Breaking back above this level could spur on speculators to push the exchange rate upwards. The coming trading week will be mainly dictated by a flood of macroeconomic results in the US."
Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
shekels