Shekel extends gains against dollar

Shekel Photo: Shutterstock

The shekel is trading at its strongest against the dollar since early June.

The shekel is strengthening today against the dollar and against the euro. In morning inter-bank trading, the shekel-dollar exchange rate is down 0.37% against the dollar at NIS 3.575/$ and down 0.10% against the euro at 4.156/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.195% at NIS 3.588/$ from Friday's rate and set the shekel-euro rate down 0.216% at 4.160/€.

The shekel is trading at its strongest against the dollar since early June and has consolidated well below the NIS 3.60/$ threshold. The gains today are a reflection of the dollar's weakness on global markets where investors are optimistic that US-China trade talks will be renewed, this increasing appetite for riskier currencies.

In Israel, the Central Bureau of Statistics will announce the August Consumer Price Index (CPI) for August tomorrow. With Israel's annual inflation back in the annual target range of 1%-3%, tomorrow's figure could dictate whether the Bank of Israel will raise interest rates next month off its historic low of 0.1%, or at a later date.

Published by Globes [online], Israel business news - www.globes-online.com - on September 13, 2018

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

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Shekel Photo: Shutterstock
Shekel Photo: Shutterstock
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