FXCM Israel sees the shekel continuing to weaken against the dollar.
The shekel is weakening against the dollar and euro in afternoon inter-bank trading today. The shekel-dollar exchange rate is up 0.26% at $3.927/$ and the shekel-euro exchange rate is up 0.11% at NIS 5.057/€.
In international markets, the euro is strengthening 0.2% against the dollar at $1.29/€.
FXCM Israel noted that while there has been no foreign currency trading in Israel because of Yom Kippur, in international markets the dollar is strengthening sharply against other currencies, as investors seek safe havens in the current climate of heightened uncertainty. With the resumption of foreign currency trading, it expects the shekel-dollar exchange rate to correct in line with the dollar's level against other currencies. While the shekel-dollar exchange rate has been traded at around NIS 3.90/$, strong demand for the dollar in international markets should weaken the shekel against the dollar.
Published by Globes [online], Israel business news - www.globes-online.com - on September 27, 2012
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