FXCM Israel: The next support point is last week's low-point of NIS 3.83-3.84/$.
The shekel is again strengthening against the dollar and weakening against the euro in inter-bank trading this morning, continuing the trend of the past few days. The shekel-dollar exchange rate is trading down 0.51% against the dollar at NIS 3.847/$, and up 0.58% against the euro at NIS 4.368/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate down 0.309% from Tuesday's rate at NIS 3.867/$, and set the shekel-euro representative exchange rate at NIS 4.343/€, up 0.619%.
FXCM Israel research department said this morning, "After the shekel-dollar exchange rate failed to break above NIS 3.90/$ it is again moving downwards and has fallen to NIS 3.86/$. The next support level is at last week's low-point of NIS 3.83-3.84/$. Throughout the week the shekel-dollar trading trend has been dictated by dollar trading trends on global markets. Worldwide the dollar has weakened due to the strengthening of the euro and a spate of disappointing macroeconomic data in the US. The euro has climbed to its strongest against the dollar since the end of February due to the rise of German government bonds and improved investor confidence in the euro zone's economy and optimism on talks with Greece."
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2015
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