Trump comments boost shekel against dollar

Shekels Photo: Shutterstock

FXCM Israel: The dollar has weakened on markets worldwide after the President-elect failed to give details on his economic policies.

The shekel is strengthening against the dollar and weakening against the euro. In morning inter-bank trading, the shekel-dollar exchange rate was down 0.75% from yesterday's representative rate at NIS 3.823/$, and up 0.5% against the euro at NIS 4.068/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.182% compared with yesterday's rate at NIS 3.852/$, and the representative shekel-euro rate was set up 0.479% at NIS 4.048/€.

FXCM Israel said this morning, "The shekel-dollar exchange rate continues to fall due to yesterday's press conference by US President-elect Donald Trump in which although he expressed a determined commitment to encourage the job market, he did not elaborate his economic policies in his speech on subjects that the market had expected such as relations with China, trade agreements, fiscal policy etc. The market has expressed a certain disappointment and the dollar has weakened. The sex scandal surrounding Trump and the fall in US public support for him has hit the confidence of markets in his leadership. If the shekel-dollar rate falls below NIS 3.82/$, this will hasten its slide to NIS 3.80/$.

Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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