Shekel weaker ahead of ECB rate call

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative

In Israel the Central Bureau of Statistics will announce the Consumer Price Index for November tomorrow, which will give an indication of when the next rate hike can be expected.

The shekel is weakening today against the dollar and against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is up 0.11% against the dollar at NIS 3.750/$ and up 0.49% against the euro at 4.269/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.053% at NIS 3.746/$ from Tuesday's rate and set the shekel-euro rate down 0.457% at 4.248/€.

The shekel is weakening ahead of today's interest rate call by the European Central Bank (ECB), which is also expected to end its program of quanttitative expansion. The dollar is weaker on world markets with investors skeptical about the Federal Reserve's plans to tighten monetary policy and US-China trade talks seemingly going nowhere. But sterling is stronger after Prime Minister Theresa May won a vote of confidence from her own Conservative party.

In Israel, the Central Bureau of Statistics will announce the Consumer Price Index for November tomorrow, which will give an indication of when the next rate hike can be expected.

Published by Globes, Israel business news - en.globes.co.il - on December 13, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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