The shekel-dollar exchange rate is down 0.05%, but the shekel-euro exchange rate is up 0.14% in morning inter-bank trading.
The shekel is strengthening slightly against the dollar in morning inter-bank trading today, but weakening slightly against the euro, as the markets wait for the results of today's EU summit meeting on the eurozone debt crisis. The shekel-dollar exchange rate is down 0.05%, compared with yesterday's representative rate, to NIS 3.642/$, but the shekel-euro exchange rate is up 0.14% to NIS 5.075/€.
European leaders are holding their second meeting in four days today to discuss a comprehensive plan for the debt crisis, with the clear goal of sending an unambiguous message that the rescue package will be expanded to prevent insolvency by Greece and other countries.
Forex.com research analyst Kathleen Brooks said that the markets are waiting for four things: approval of the plan to strengthen European banks to the tune of at least €108 billion; a 60% haircut on Greece's debt; expanding the original rescue package by between €440 billion and €1 trillion; and most important, a broad consensus to apply the measures as quickly as possible.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2011
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