Bethel Finance news:
The shekel strengthened against the dollar today. By early afternoon, the shekel-dollar exchange rate had fallen 0.3% to NIS 3.39/$ and the shekel-euro exchange rate had fallen 0.16% to NIS 4.924/€.
On world markets, the dollar is stable against the leading currencies at $1.45/€ and 80.72 yen/$.
USG Capital analysts Eli Ben-David and Shay Zakhaim say in a review that the shekel will continue to be traded in the coming weeks according to developments in global dollar trading, mainly against the euro, and global stock markets. In the meantime, it appears that the storm in Greece that affected the markets has calmed down for now and has prepared the groundwork for receiving additional aid from the European Union and the IMF. The shekel will continue to strengthen, supported by strong growth figures, a stable economy, and a price environment that supports the continuing monetary tightening of the central bank, and as a result the widening of the interest rate gap between Israel and the US.
"For the time being, we don't expect any new twists in the market, and expect the market to continue to price in an absence of any interest rate rise until 2012 given that growth rates in Israel still support a strengthening trend in the shekel and that the interest rate gap between Israel and the US is likely to continue to widen. The shekel can be expected to strengthen to a level of NIS 3.25/$ within six months."
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