Bethel Finance news:
The shekel weakened against the dollar but strengthened against the euro in early inter-bank trading today. The shekel-dollar exchange rate rose 0.26% to NIS 3.425/$ and the shekel-euro exchange rate fell 0.28% to NIS 4.934/€
In international markets, the dollar is traded against the euro at $1.438/€ and at ¥82.88/$ against the Japanese yen.
Trading in the dollar is taking place against S&P's dramatic downgrade of US debt outlook to "Negative" on Monday. US stock markets fell on the news, but recovered after Treasury Secretary Timothy Geithner said that there was no chance that the US would loose its AAA debt rating.
On Sunday, the Bank of Israel will announce its interest rate decision for May. Analysts believe that it will raise the interest rate by 25 basis points to 3.25% because of inflation expectations.
Banks believe that the shekel-dollar exchange rate will continue to flounder this week on thin trading during the Passover holiday week and because they do not expect the Bank of Israel to intervene in the foreign currency market at this time.
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