FXCM Israel: The status-quo in the NIS 3.75- 3.80/$ trading range should continue this week.
The shekel is weakening this morning in inter-bank trading against the dollar and against the euro. The shekel-dollar rate is up 0.31% to NIS 3.784/$ and the shekel-euro rate is up 0.32% to NIS 4.148/€.
Yesterday, the Bank of Israel set the shekel dollar representative rate down 0.291% from Friday's rate at NIS 3.772/$, and the representative shekel-euro rate was set 0.056% down, at NIS 4.135/€.
FXCM Israel research department said this morning, "The status quo continues in shekel-dollar trading around the NIS 3.77/$ mark. The two currencies are trapped in the narrow NIS 3.75-3.80 trading band and only a breakthrough upwards or downwards will help indicate the future direction of the exchange rate. It seems like that breakthrough may happen only later in the week with the publication of the US employment report on Friday, which will influence market expectations on the interest rate hike by the US Fed. Yesterday, the US published disappointing manufacturing sector data and the dollar reacted negatively. The dollar is expected to demonstrate high sensitivity to macroeconomic data."
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2015
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