The shekel began the week on the foreign exchange market this morning stronger against the US dollar and substantially weaker against the euro. The shekel-dollar rate is currently 0.67% lower, compared with Friday's representative rate, at NIS 3.856/$, while the shekel-euro rate is up 0.92%, at NIS 4.8797/€.
The euro is being buoyed by events in Europe at the weekend, when the European Union approved a €100 billion aid package to rescue Spain's weakened banking system.
Locally, several macro figures will be released today, as well as the protocols of the Bank of Israel's discussions on the interest rate for June, which the bank left unchanged at 2.5%.
The Bank of Jerusalem says this morning that the shekel is currently undergoing a technical correction versus the US dollar, which began last week, when the shekel-dollar rate hit an annual high of NIS 3.915-3.92/$. The Bank of Jerusalem sees the shekel now strengthening to around NIS 3.83, before starting to weaken again.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2012
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