Shekel stable amid European woes

The shekel is stable against the euro and the dollar in inter-bank trading Tuesday, amid Moody's and S&P rating cuts of Italy, Spain, and Portugal. The shekel-euro exchange rate is up 0.02%, compared with Monday's representative rate, to NIS 4.924/€. The shekel-dollar exchange rate is up 0.23% to NIS 3.726/$.
European markets fell amid gloomy news Monday: Moody's announced rating cuts for Italy, Spain, and Portugal and S&P cut the rating for 15 Spanish banks.
On Wednesday, the Central Bureau of Statistics will publish the Consumer Price Index (CPI) for January. Analysts expect a fall of 0.2% in the CPI for the month.
In global markets, the euro was trading against the dollar at $1.31/€, and the dollar was trading against the yen at ¥77.97/$.
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