Shekel continues to tread water against dollar

FXCM: The euro has been particularly weak over the last seven trading days and lost NIS 0.13 against the shekel.

The shekel is again flat against the dollar and euro in morning inter-bank trading today, continuing yesterday's trend. The shekel-dollar exchange rate has risen 0.02%, compared with yesterday's representative rate, to NIS 3.532/$, and the shekel-euro exchange rate has weakened 0.12% to NIS 4.767/€.

Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.532/$, down 0.028 % on Monday's rate, and set the shekel-euro representative exchange rate at 4.767/€, down 0.124%.

In international markets, the dollar has strengthened 0.23% against the euro to $1.351/€.

FXCM Israel research department says today, "There is no change in shekel dollar trading which is still moving between the NIS 3.52 - 3.54/$ band. This treading water is expressed in the fact that market traders are on standby until key events later in the US later in the week - the GDP report on Thursday and employment figures on Friday, which will dictate the future direction of the dollar on global markets including against the shekel. Poor data will strengthen the belief that the Federal Reserve will postpone reduction of quantitative easing until the first half of 2014 at least, and this will weaken the dollar."

FXCM added, "Over the past week the euro has demonstrated particular weakness on the foreign exchange markets and against the shekel. The euro is down at least NIS 0.13 against the shekel over the past seven days trading and is currently trying to stabilize at the critical support level of NIS 4.75/€.

Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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