FXCM Israel: The shekel-dollar exchange rate is still in danger of falling below NIS 3.85/$.
The shekel is weakening in early afternoon inter-bank trading against the dollar and against the euro. The shekel-dollar rate is up 0.28% at NIS 3.861/$ compared with yesterday's representative rate, and the shekel-euro rate is up 0.6% at NIS 4.359/€.
Yesterday, the Bank of Israel set the shekel dollar representative rate down 0.620% from Tuesday's rate at NIS 3.85/$, and the representative shekel-euro rate was set down 0.311%, at NIS 4.3333/€.
FXCM Israel said in its market review this morning, "The fall in the shekel-dollar exchange rate has been halted over the past day but the exchange rate is still in danger of falling further, and it is currently testing the NIS 3.85/$ level. Falling below that could speed up a fall to NIS 3.83/$. The dollar is also losing ground on global markets with the fall in expectations regarding an interest rate cut. The positive sentiment in the capital markets that was supporting the dollar over the past few months has disappeared and investors are seeking assets with more real potential for returns. A continued rise in the price of oil supports financial markets and investors now await the latest reporting season, and good reports could help markets recover the losses of the past few months."
Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
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