Shekel weakens against euro, flat against dollar

shekel  picture: bloomberg
shekel picture: bloomberg

FXCM Israel: The interest rate gap between the dollar and the shekel will widen this will push the shekel-dollar rate upwards.

The shekel is stable against the dollar and weakening against the euro in inter-bank trading this afternoon. The shekel-dollar exchange rate is trading down 0.01% against the dollar at NIS 3.875/$, and up 0.39% against the euro at NIS 4.232/€.

Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate unchanged from Tuesday's rate at NIS 3.875/$, and set the shekel-euro representative exchange rate at NIS 4.216/€, down 0.388%.

FXCM Israel research department said this morning, "The shekel-dollar exchange rate is still retaining its strength but is not succeeding in breaking above the NIS 3.88/$, which has been the resistance level since the start of the month. The failure to break above this rate and a fall below NIS 3.855/$ might take the wind out of the sails of the long position traders and again point upwards."

FXCM Israel added, "On the local scene, despite the Bank of Israel's decision to leave the interest rate unchanged because of the toughening of the Federal Reserve's position, the gap between the dollar and the shekel will widen in the coming months and this will push the shekel-dollar exchange rate upwards. Rising above NIS 3.90 could mark the end of the retreat that we have seen since the start of March.

Published by Globes [online], Israel business news - www.globes-online.com - on May 28, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015 .

shekel  picture: bloomberg
shekel picture: bloomberg
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