Shekel Weakens Sharply

The shekel weakened against the dollar and euro in morning inter-bank trading today. The shekel-dollar exchange rate is up 0.82%, compared with Friday’s representative rate, at NIS 3.928/$ and the shekel-euro exchange rate is up 0.56% to NIS 4.992/€.

In its weekly survey, the Bank of Jerusalem said that NIS 3.919/$ was a resistance level that was very hard to break through. “Assuming that the dollar does not significantly strengthen in international markets in the coming days, we expect a temporary weakening of the dollar against the shekel to the support levels of NIS 3.87/$, NIS 3.83/$, and NIS 3.78/$. If the level of NIS 3.919/$ is breached, the upward momentum will continue, and the shekel-dollar exchange rate will rise to NIS 3.93/$ and NIS 3.97/$,” it says.

FXCM Israel believes that the shekel-dollar exchange rate will continue to move in partial correlation with the movement of the dollar against the major currencies.

Read more at GLOBES

{Matzav.com Newscenter}