FXCM Israel: There is no trigger to push the exchange rate out of the NIS 3.90-4.0/$ range.
The shekel is weaker against the dollar and stronger against the euro in inter-bank trading this morning. The shekel-dollar exchange rate is currently trading up 0.42% against the dollar at NIS 3.941/$ and the Israeli currency is down 0.13% against the euro at 4.211/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.925/$, down 0.102% on last Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.217/€, down 0.610%.
FXCM Israel research department said this morning, "The shekel-dollar exchange rate continues within its expected range of NIS 3.90-4.0/$ and while it fell towards the bottom of the range last weekend, it has recovered and is again trading in the middle of the range. This is a continuation of a status quo that has persisted for several weeks and at the moment there is still no local or global trigger to encourage speculators to push it to a breakthrough in either direction. On world markets, after the dollar had its worst week in the past month last week, traders have saved a further fall and bought dollars again, allowing it to stage a correction upwards."
Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2015
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