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Bethel Finance news:
The shekel is weaker against the dollar and stable against the euro in inter-bank trading today as negative data about US and China growth have been added to the euro zone debt crisis. The shekel dollar exchange rate is up 0.72% at NIS 3.759/$ and up 0.04% against the euro at NIS 5.059/€.
Yesterday afternoon, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.732/$, down 0.24% on the day before, and set the shekel-euro representative exchange rate at NIS 5.056/€, up 0.53%.
Global market jitters have been exacerbated by new data showing a slowdown of growth in the US and China, the world's two largest economies. US third quarter growth was reported yesterday to be 2%, lower than the previous expectation of 2.5%. In China factories reported the weakest level of activity in 32 months. Meanwhile, the euro debt crisis shows no signs of waning.
Atrade wrote in its daily's survey, "At the center of attention today will be the European procurement managers' index, which is expected to shrink in most sectors in November. Global investors will continue to follow European developments and will react to every small piece of data that comes in from that direction."
Atrade expects to see the shekel dollar exchange rate fall below the NIS 3.73/$ threshold and even fall below NIS 3.69/$.
On global markets the dollar strengthened against the euro to $1.34/€, and the US currency was trading against the yen at $76.99/¥.
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