The shekel is stable this afternoon in inter-bank trading against the dollar and against the euro. The shekel-dollar rate is up 0.05% at NIS 3.925/$ compared with yesterday's representative rate, and the shekel-euro rate is up 0.09% at NIS 4.423/€.
Yesterday, the Bank of Israel set the shekel dollar representative rate down 0.178% from Monday's rate at NIS 3.923/$, and the representative shekel-euro rate was set up 0.379% at NIS 4.42/€.
FXCM Israel research department said this morning, "The dollar continues to weaken due to negative sentiment on stock markets with the trigger yesterday being the management procurement index for China's manufacturing sector, which indicates that activities are contracting at its highest rate in the past three years. We are not seeing the level of volatility and collapse that we saw at the beginning of last week but the market is reevaluating the global situation and investors are reducing their exposure to riskier assets. On the foreign exchange markets, this is being expressed in the weakening of the dollar. All eyes will be on data from the US and China.
FXCM Israel continued, "The shekel-dollar is currently trading around NIS 3.925/$ with the major resistance level being NIS 3.94/$. Breaking above that could give an additional push while falling below NIS 3.90/$ may indicate a further downward correction."
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2015
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