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Shekel-dollar rate suddenly volatile

The shekel-dollar exchange rate has become volatile over the past few days. After falling sharply on Friday and then rising sharply yesterday, the rate has again fallen this morning, by 0.64%, to NIS 3.9655/$ . The shekel euro rate is currently down slightly, by 0.04%, at NIS 4.8906.

The sudden volatility can perhaps be explained by vertigo, as the exchange rate nears the psychologically significant level of NIS 4/$ . Yesterday, the representative shekel-dollar rate was set 0.8% higher, at NIS 3.992/$ , and the shekel-euro rate was set at NIS 4.892/.

FXCM Israel says in its market review this morning that the volatility is a result of a battle between long and short traders within a critical range. “A drop below NIS 3.95$ could switch the momentum around and accelerate a downward correction. On the other hand, a convincing move above NIS 4/$ could signal the next upward swing,” FXCM writes.

A background factor to foreign exchange trading is the fact that, as expected, the Knesset unanimously voted to dissolve itself last night, and to hold elections on March 17, 2015. FXCM says that the uncertainty that will prevail until the election will raise the pressure on the shekel.

Published by Globes [online], Israel business news – www.globes-online.com – on December 9, 2014

Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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