www.bethelfinance.com
The shekel is weakening against the dollar, but strengthening against the euro in inter-bank trading today. Trading only began at 10:00 am, after the general strike declared by the Histadrut (General Federation of Labor in Israel), in which the banks participated, ended. The shekel-dollar exchange rate is up 0.5% to NIS 3.683/$, compared with yesterday's representative rate, but the shekel-euro exchange rate is down 0.44% to NIS 5.053/€.
On Friday, the Bank of Israel set the representative rate unchanged at NIS 3.669/$, while the shekel euro rate was set down 0.18% to NIS 5.066/€.
The euro continues to weaken against leading currencies as the debt crisis persists without resolution. Today, Greece announced that a new national unity government will be set up, but not under Prime Minister George Papandreou. However, a possible resolution the Greek debt crisis means that investors are now focusing their worries on Italy.
In international markets, the dollar is trading at $1.37/€ against the euro and at ¥78.113/$ against the Japanese yen.
Prico CEO Vered Yitzhaki said, "The weakness of the euro supports the strengthening of the dollar in the local market. We believe that the shaky conditions in Europe and expectations of volatility in the euro will cause the shekel-dollar exchange rate to rise over NIS 3.70/$ in the immediate term to NIS 3.74-3.75/$."
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