www.bethelfinance.com
The shekel is strengthening against both the dollar and the euro in morning inter-bank trading today. The shekel-dollar exchange rate is down 0.30% to NIS 3.671/$, compared with yesterday's representative rate, and the shekel-euro exchange rate is down 0.08% to NIS 5.06/€.
The dollar is strengthening in international markets as investors prepare for the budget vote today in Italy. The dollar is strengthening against the euro to $1.37/€ in face of the European debt crisis, and is trading at ¥78.03/$ against the Japanese yen.
The vote in Rome today will test Prime Minister Silvio Berlusconi's power in the Italian parliament, and will determine whether he has enough political clout to pass additional laws in Italy, the third largest economy in Europe.
CLSA Asia Pacific Markets analyst Christopher Wood said, "We are in a process of 'closing the curtains' in the euro zone, and Italy is just one of the actors in the play. We are going to feel additional pressure, since the shocking risk in the eurozone still exists."
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