FXCM Israel: Unless there are any significant triggers, the shekel-dollar exchange rate is likely to continue to tread water.
The shekel is weakening against the dollar and strengthening against the euro amid thin summer trading. In morning inter-bank trading, the shekel was up 0.22% against the dollar from yesterday's representative rate at NIS 3.865/$ and was down 0.47% against the euro at NIS 4.245/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.104% from Monday's rate at NIS 3.856/$, and the representative shekel-euro rate was set down 0.09% at NIS 4.265/€.
FXCM Israel said, "The shekel-dollar exchange continues to tread water just above NIS 3.85/$ without anything special happening. Markets have already priced in the failed putsch in Turkey and this week's economic diary is uneventful so movements in exchange rates are expected to be moderate. NIS 3.85/$ marks the midpoint of the NIS 3.80-3.90/$ trading band in which the two currencies have been moving in recent weeks and without any significant triggers, the two currencies will likely to continue to tread water around this mark."
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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