Shekel gains against euro as Spain worries investors

By GLOBES
December 15, 2010 15:35

The shekel is little changed against the dollar but sharply stronger against the euro. The shekel-dollar exchange rate is up 0.04% to NIS 3.5936/$, and the shekel-euro exchange rate is down 1.23% to NIS 4.7787/€.

Later today the Central Bureau of Statistics will release Consumer Price Index (CPI) data for November. The index is expected to rise 0.3%.

European markets are dealing today with the possibility of a downgrade of Spain's debt rating. Debt rating agency Moody's said it would consider the option of lowering Spains's current Aa1 rating.

Estimates in Israel's foreign currency market are that the Bank of Israel bought about $50-70 million today. The move was seen as an attempt to push the exchange rate above the NIS 3.60/$ level. The representative rate was set below that level yesterday for the first time since early November.

Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.592/$, 0.526% lower than the day before, and set the shekel-euro representative exchange rate at NIS 4.8384/€, 0.962% higher than the day before.


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