Bethel Finance: Shekel stays flat against dollar and euro

www.bethelfinance.com The shekel is again flat against the dollar and euro in inter-bank trading today as concerns over the crisis in Europe and the French and Greek election results persist. The shekel-dollar exchange rate rose 0.19% this morning, compared with yesterday's representative rate to NIS 3.809/$, and the shekel-euro exchange rate fell 0.04% to NIS 4.951/€. On global markets the dollar continued to strengthen against the euro to $1.298/€ but fell against the Japanese yen to ¥79.74/$. The shekel has not been adversely affected by the decision of Moody's to lower the outlook of Israel's banks from "Stable" to "Negative." Regarding international currency trading Prico CEO Yossi Freeman said, "The strengthening of the dollar against the euro and investors concerns about the political change in France alongside uncertainty about the future of the Greek government have will continue to contribute to the weakness of the euro and the strengthening of the dollar, the Swiss franc and the Japanese yen. In the short term there is no change in our belief that the dollar has not yet fulfilled it strengthening potential against the shekel. However, the shekel remains restricted in its movement above previous levels. In the medium term, we believe the shekel will again strengthen."