The shekel-dollar exchange rate rose 0.85% to NIS 4.16/$ in morning trading, while the shekel-euro exchange rate fell 0.28% to NIS 5.5577/€.
Yesterday, investor George Soros said that the dollar is liable to lose its status as the leading currency, in which most central banks around the world hold their foreign currency reserves.
Analyst Meredith Whitney said that the situation at banks is worse than thought.
After marathon discussions, the Knesset early this morning passed the second and third readings of the bill to authorize a two-year budget for 2009 and 2010, as well as the bill to extend the deadline to authorize the budget from 45 days after elections to 106 days after elections. The budget is now expected to be presented to the Knesset for its second and third readings on July 15.
Clal Forex said that yesterday the exchange rate reached NIS 4.09/$ before moving back to around NIS 4.14. If the shekel's strengthening, seen in a lower exchange rate, is over, then Clal does not see a technical resistance level until NIS 4.25/$. But if the exchange rate falls back below 4.09, then Clal sees it NIS 4/$ as a possibility, albeit an unlikely one.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2009
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