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Bethel Finance news:
The shekel is weakening against the dollar, but strengthening against the euro, in inter-bank trading this morning, as the market gears up for important macroeconomic data that will be released today in Europe and the US.
The shekel dollar exchange rate was up 0.29% at NIS 3.792/$, compared with yesterday's representative rate, and the shekel euro exchange rate was down 0.29% against the euro at NIS 5.034/€.
On global markets, the euro weakened today to $1.33/€.
The November unemployment rate in Europe will be released today at noon (Israel time), and is expected to remain the same as last month: 10.2%.
US third quarter productivity data will be released today, with an expected rise of 2.6%. Also, the Chicago area PMI index for November will be published, which is expected to reach 58.4 points.
Last night, EU ministers reached an agreement to expand the European Financial Stability Facility (EFSF) from €440 billion to €1 trillion, within the framework of the overall plan that was presented in October to solve the crisis. In the meeting in Brussels, the ministers agreed on two options to leverage the assistance fund. The first option would provide a security net to European government bond holders where the EFSF would protect them from losses up to 20-30%, and would absorb these losses itself. The second option would create special funds whose function would be to purchase European government bonds on a secondary market, just as private investors do.
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