FXCM Israel: The shekel is stronger against the dollar even though the dollar is strengthening worldwide.
The shekel is weakening is strengthening today against the dollar and against the euro. In early afternoon inter-bank trading, the shekel was down 0.26% against the dollar from yesterday's representative rate at NIS 3.764/$, and was down 0.06% against the euro at NIS 4.248/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.159% from Tuesday's rate at NIS 3.774/$, and the representative shekel-euro rate was set down 0.454% at NIS 4.251/€.
FXCM Israel said in its morning survey," After failing to break back above NIS 3.78/$, the shekel-dollar exchange rate is again falling to around NIS 3.76. On world markets, the dollar has actually strengthened slightly over the past day due to better than expected housing data. But trading is indecisive and volatile on both the domestic and international markets reflecting uncertainty on the dollar's interest rate expectations. The market sees a 24% change of a US rate hike in September and a 50% chance in December."
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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