Atrade: If the Bank of Israel does not take steps to halt the fall of the shekel-dollar rate then things will be particularly painful.
The shekel is weakening on the foreign exchange market this morning against both the dollar and euro. The shekel-dollar rate has risen 0.13% in comparison with Tuesday's representative rate, to NIS 3.492/$, while the shekel-euro rate has risen 0.18%, to NIS 4.778/€. The Bank of Israel did not set a new representative rate yesterday due to the Christmas holiday overseas.
Atrade said this morning, "The story over the past few days belongs to the dollar, which has plunged to new lows not seen since the second half of 2011. If the Bank of Israel does not take steps to halt the fall of the ahekel-dollar rate then things will be particularly painful. From the technical point of view the significant support level set at NIS 3.5/$ has become a resistance level so that sellers are in complete control. In a very clear trend we can see a plunge towards the low of NIS 3.35/$ at the beginning of the second half of 2011."
Published by Globes [online], Israel business news - www.globes-online.com - on December 26, 2013
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