The shekel is weakening sharply today against the US dollar and is firm against the euro. In late morning inter-bank trading the shekel-US dollar exchange rate is up 0.83% at NIS 3.615/$, and the shekel-euro rate is down 0.01%, at NIS 3.762/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.444% from Tuesday, at NIS 3.585/$, and the representative shekel-euro rate was set 0.442% lower at NIS 3.763/€.
The US dollar is strengthening on world markets today including against the shekel after yesterday US Federal Reserve bank meeting. Although The Fed Open Market Committee cut its borrowing rate by 0.25% to a target range of 4.25%-4.5%, it indicated fewer future rate cuts than expected. This was the third consecutive rate cut bringing the interest back to the level it was in December 2022, but according to the "dot plot" matrix of individual members’ future rate expectations, there will only be two rate cuts in 2025 compared with four when the plot was most recently updated in September.
Published by Globes, Israel business news - en.globes.co.il - on December 19, 2024
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