www.bethelfinance.com
The shekel is strengthening against the dollar in inter-bank trading, and is slightly weakening against the euro. The shekel-dollar exchange rate is down 0.5% compared with yesterday's representative rate, at NIS 3.7/$, but the shekel-euro exchange rate is up 0.36% to NIS 5.099/€.
In international markets, the dollar is weakening against the euro and trading at $1.38/€.
Mr. Cedric Marmet from Bethel Finance ltd says "The euro is slightly strengthening against the dollar as a new Italian prime minister is appointed just days after the inauguration of a new national unity government in Greece. The political upheaval in both of these debt-ridden countries has been of concern to investors, and the establishment of the new governments could be the start of a serious breakthrough in solving the debt problems."
It seems that investors' confidence in global markets has returned, which has also led to confidence in the euro. Asian markets listed sharp rises of 2% this morning following the positive news from in Italy, namely the appointment of Mario Monti as the new Italian prime minister. Political developments in Italy have reduced concerns that Italy, with its €1.9 trillion deficit, might be the next country in line to enter a debt crisis, and need a bailout by the EU and the IMF. Investors' concerns were exacerbated by the fact that Italy is too large a country to bail out.
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