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Bethel Finance news:
The shekel is strengthening sharply against the dollar in inter-bank trading today, as the world's leading central banks took measures to strengthen global markets. The shekel-dollar exchange rate is down 1.26%, compared with yesterday's representative rate, to NIS 3.745/$, and the shekel-euro exchange rate is down 0.02% to NIS 5.047/€.
In the foreign currency market yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.793/$, up 0.32% on Tuesday's rate, and set the shekel-euro representative exchange rate at NIS 5.048/€, down 0.03%.
In international markets, the dollar is mixed against leading currencies. It is down 0.1% against the euro to $1.3451/€, but up 0.1% against the pound to $1.5684/₤ and up 0.1% against the yen to ¥77.677/$.
Yesterday, in a coordinated move, the US Federal Reserve, European Central Bank, the Bank of England, the Bank of Canada, the Swiss National Bank and the Bank of Japan cut the interest rate on dollar swap deal in an effort to increase market liquidity and fend off a global recession. The central bankers are also trying to stem the debt crisis in Europe from spreading to more countries. A top market source told "Globes", "They appear to be laying the groundwork for an interest rate cut in Europe this month."
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