FXCM Israel: Breaking below NIS 3.80/$ could be critical and result in a further fall.
The shekel is strengthening against the dollar and weakening against the euro in inter-bank trading this morning. The shekel-dollar exchange rate is trading down 0.57% against the dollar at NIS 3.811/$, and up 0.32% against the euro at NIS 4.329/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.833/$, down 0.905% on Monday's rate, and set the shekel-euro representative exchange rate at NIS 4.316/€, up 0.132%.
FXCM Israel research department said this morning, "The shekel-dollar exchange rate continues to fall and is trading around NIS 3.82/$, even though the dollar has stabilized on world markets over the past day. Falling below the NIS 3.84/$ threshold has increased the pressure to sell and we are seeing a continuing downward movement. The exchange rate is now making its way towards the NIS 3.80/$ low-point of May. Breaking below that level will be critical and might indicate a further fall for the two currencies, which have been on a downward trajectory since the March peak of NIS 4.07/$, and such a fall could lead to NIS 3.77/$."
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
shekels