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Friday, June 20, 2014

Israeli Shekel/US $ Exchange Rate Update

The shekel/$ rate moved under 3.45 considered an important psychological and technical level(i.e. technical analysis) it also has been a level in the past where the Bank of Israel has intervened however there has been no intervention so far to slow the strengthening of the shekel.


Israeli business newspaper The Marker (Haaretz) reports:

Dollar sinks to lowest level in more than three years
The dollar dropped to its lowest level against the shekel in more than three years Thursday as the greenback weakened globally. The dollar fell 0.38% to a Bank of Israel rate of 3.4450 and was down to 3.4360 in late trading. The euro edged 0.08% higher to a Bank of Israel rate of 4.6941. The dollar was driven lower around the world after the U.S. Federal Reserve signaled that over the long run interest rates would be lower than it had previously indicated. Since March 27, the shekel has strengthened 1.7% against the dollar. “Without government involvement besides that of the Bank of Israel, it’s only a matter of time before a wave of layoffs and business closings hit the headlines,” said Yossi Fraiman, CEO of Prico Risk Management. (Shelly Appelberg)

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