Shekel advances further against dollar and euro

FXCM Israel: While the shekel-dollar rate is below NIS 3.90, the tendency is for a further fall, in the longer term to NIS 3.78.

The shekel continues strengthening against the dollar and against the euro in inter-bank trading today. The shekel-dollar exchange rate is trading down 0.56% at NIS 3.853/$ and the shekel is trading down 0.38% against the euro at NIS 4.361/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.875/$, down 0.129% on Monday's rate, and set the shekel-euro representative exchange rate at NIS 4.377/€, down 0.196%.

FXCM Israel Research Department said this morning, "The shekel-dollar exchange rate continues to tread water this week around NIS 3.87/$, in the absence of a strong trigger that will break the deadlock and dictate the direction of the dollar. At the moment, there is a respite after the sharp fall in the exchange rate at the end of last week. While the shekel-dollar rate is below NIS 3.90, the tendency is for a further fall. In the longer term the exchange rate is likely to reach NIS 3.78/$, which would be a third correction level after the major rise since August 2014, which peaked at NIS 4/$."
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