Shekel weakens against dollar

By KOBY YESHAYAHOU / GLOBES
December 23, 2010 16:33

 
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After initial falls, the shekel-dollar exchange rate rose 0.11% to NIS 3.60/$ in inter-bank trading Thursday, and the shekel-euro exchange rate rose 0.3% to NIS 4.772/€. The dollar is trading against the euro at around $1.313/€ in international markets.

Foreign currency trading in markets throughout the world, Israel included, is thin this week, ahead of Christmas.

Clal Forex said that the foreign currency trading has gone into Christmas hibernation. The lack of correlation in the foreign currency market, which stems from the thin trading during the holiday season as the big money stays out of the game, has made it very difficult for traders to make transactions in the past few days. The euro has not been able to break the 200-day moving average at $1.309/€, the pound sterling is weakening against the dollar and set a low point of $1.5355/₤, and the Australian dollar passed parity with the US dollar.

Clal Forex adds that the thin volume makes trading less attractive and especially risky. It advises against making new transactions at this time. There will be no foreign currency trading in international markets tomorrow, because of Christmas on Saturday.

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