Shekel stronger against dollar and euro

The strengthening of the shekel continued against the dollar and the euro in inter-bank trading this morning in line with the trend over the past month. The shekel-dollar exchange rate is trading down 0.40% at NIS 3.921/$ and the shekel is trading down 0.44% against the euro at NIS 4.441/�.

Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.937/$, up 0.331% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.461/�, up 0.186%.

FXCM Israel Research Department said this morning, "The shekel-dollar exchange rate continues to tread water in the NIS 3.90-95 range. At the moment there are no triggers that are strong enough on either the domestic or global markets that will allow the exchange rate to break out of this range. On a technical level, the exchange made a failed attempt last week to break above NIS 4/$, but the highest likelihood now is that the exchange rate will fall lower. A fall below NIS 3.90/$ could signal a strengthening of the correction downwards."

Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2015

Shekel stronger against dollar and euro

FXCM: The stronger likelihood is that the shekel will strengthen further against the dollar.