Despite weakening against the dollar over the past two days, the shekel is still trading at levels not seen against the dollar since September 2018.
The shekel is again weakening today against the dollar and strengthening against the euro. In late morning inter-bank trading, the shekel-dollar exchange rate is up 0.15% against the dollar at NIS 3.625/$ and down 0.16% against the euro at 4.115/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.249% at NIS 3.619/$ from Tuesday's rate and set the shekel-euro rate down 0.087% at 4.121/€.
The dollar is stronger on international forex markets despite last week's cautious US Federal Reserve statement that it will be patient over future interest rate hikes. However, it is now becoming apparent that many central banks around the world are also reconsidering the tightening of monetary policy in view of global trade tensions and lower expected growth. The euro and sterling are struggling due to the Brexit negotiations impasse.
Despite weakening against the dollar over the past two days, the shekel is still trading at its strongest against the dollar since September 2018. On Monday, the shekel-dollar representative rate was fixed at its lowest in five months.
Published by Globes, Israel business news - en.globes.co.il - on February 7, 2019
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Shekel Photo: ASAP Creative