FXCM Israel: A rise above NIS 3.98/$ might drive speculators to again challenge the key NIS 4/$ level.
After several days in which the Israeli currency lost ground, the shekel is again strengthening against the dollar and the euro in inter-bank trading this morning. The shekel-dollar exchange rate is trading down 0.38% at NIS 3.956/$ and the shekel is trading down 0.58% against the euro at NIS 4.698/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.971/$, up 0.202% on Monday's rate, and set the shekel-euro representative exchange rate at NIS 4.725/€, up 0.246%.
FXCM Israel research department said this morning, "Yesterday, for the third straight day, the shekel-dollar exchange rate rose and it has been trying to consolidate above NIS 3.95/$. A rise above NIS 3.98/$ might drive speculators to again challenge the key NIS 4/$ level. However, the dollars mixed trends worldwide and the volatility of oil prices is currently restricting the upward momentum of the shekel-dollar exchange rate."
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2015
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