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Shekel stronger against dollar, bucking global trend

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According to Globes: Israel’s Business Arena

FXCM Israel: The dollar index is at a 4-month high but the shekel-dollar rate has been stable since mid-May.

The shekel is strengthening against the dollar and against the euro. In early afternoon inter-bank trading, the shekel was down 0.20% against the dollar from yesterday’s representative rate at NIS 3.851/$ and was down 0.1% against the euro at NIS 4.245/€.Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.078% from yesterday’s rate at NIS 3.859/$, and the representative shekel-euro rate was set down 0.356% at NIS 4.25/€.FXCM Israel said, “The shekel-dollar exchange continues to tread water around NIS 3.85/$ and the market has not been able to choose any clear direction. The shekel-dollar exchange rate has been trading in the NIS 3.80-3.90/$ band since mid-May and with no major trigger of an economic or geo-political nature the two currencies can be expected to continue moving in this band. But worldwide the dollar is on a positive swing and the dollar index is at a 4-month high on the back of positive US figures and calmer markets after the Brexit vote storm.”

 

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

 

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July 21, 2016

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