Shekel dollar rate hits 16 month high

The shekel weakened in inter-bank trading Wednesday. The shekel-dollar exchange rate was up 0.74% to a 16 month high at NIS 3.842/$ and the shekel-euro exchange rate is up 0.78% to NIS 5.007/€.
In international markets, the dollar weakened against leading currencies. The dollar-euro exchange rate was up 0.15% to $1.304/€ and the dollar-yen exchange rate was up 0.06% to ¥76.67/$.
On the macroeconomics front, the US Purchasing Managers Index rose to 53.9 points in December from 52.7 points in November. The US Federal Reserve Board's Federal Open Market Committee (FOMC) announced that it will start announcing four times a year how long it plans to keep short-term interest rates at existing levels.
In Europe, investors are waiting to see which way the euro will head after German Chancellor Angela Merkel and French President Nicolas Sarkozy meet later this week to discuss the terms for creating a new fiscal treaty for the EU.
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