The shekel has gained against the major currencies this morning. The shekel-dollar exchange rate is down 0.6% in comparison with yesterday’s representative rate, at NIS 3.8665/$ , and the shekel-euro rate is down 1.13%, at NIS 4.3909/€.
FXCM Israel writes in its market review this morning, “The main causes of the dollar’s weakness in the past twenty-four hours were the continued rise in the price of oil and a preference for risk on Wall Street. We have recently been seeing a connection between the recovery in energy prices and positive sentiment on Wall Street. Although in the longer term higher interest rate expectaions for the dollar relative to other currencies should strengthen the dollar, in the immediate term, a continuation of the positive correction in the oil price will weigh on it.
“The shekel-euro rate has fallen by more than NIS 0.05 in the past twenty-four hours and is again below the NIS 4.4/€ level, following the failure of talks between Greece and its creditors in Brussels. The nervousness in trading in the euro can be expected to be high as the next date for Greece’s debt repayment at the end of March nears. While the question marks remain, the shekel-euro rate will fall towards its latest low of NIS 4.35/€.”
Published by Globes [online], Israel business news – www.globes-online.com – on February 17, 2015
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