News Column

BRIEF: Shekel appreciation resumes

June 26, 2014

By Moshe Golan, Globes, Tel Aviv, Israel

June 26--The shekel has resumed strengthening this morning against the dollar and euro after a brief respite in its appreciation yesterday. In morning inter-bank trading the shekel is down 0.38% compared with yesterday's representative rate, at NIS 3.428/$, and the shekel-euro rate is down 0.18%, at NIS 4.673/euro.

In the foreign currency market yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.441/$, up 0.233% on Tuesday's rate, and set the shekel-euro representative exchange rate at NIS 4.682/euro, up 0.115%.

FXCM Israel said this morning, "With negative global momentum against the dollar, even Bank of Israel intervention won't halt the slide. Despite Wall Street shares shrugging off growth data, the dollar has reacted badly and weakened against all the major currencies. The data only strengthens the belief that the US Federal Reserve will leave the interest rate at zero until the second half of 2015 at least. Statements last night by a senior Fed official only strengthen this belief and with such an interest rate forecast, the dollar cannot recover against the major currencies or against the shekel."


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Source: Globes (Tel Aviv)

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