Shekel strengthens

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock

FXCM Israel: Markets are on hold until the results of Thursday's EU referendum in the UK are published.

The shekel is strengthening in afternoon inter-bank trading today against the dollar and against the euro. The shekel-dollar exchange rate is down 0.46% at NIS 3.841/$ compared with yesterday's representative rate, and the shekel-euro rate is down 0.72% at NIS 4.339/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate rose 0.208% from Monday's rate at NIS 3.859/$, and the representative shekel-euro rate was set up 0.170% at NIS 4.37/€.

FXCM Israel said in its morning survey, "Trading in the financial markets continues to be dictated by the poll trends on Thursday's EU referendum in the UK. Yesterday the polls showed the majority for staying in the EU was narrowing and markets reacted by reducing exposure to riskier assets while fleeing to safe haven assets. The shekel-dollar exchange rate remains in the NIS 3.84-3.86/$ band with traders reluctant to commit in either direction until the referendum results are clear. It's possible the markets will remain on hold for the next few days until the results are published in Britain on Thursday night and Friday.

Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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