Easy Forex: The shekel could break through the current resistance level of NIS 4.25/$.
The shekel has continued to lose ground against the dollar and euro. The shekel weakened 0.09% against the dollar in morning trading to NIS 4.24/$, and by 0.38% against the euro to NIS 5.78/$. Last Friday, the shekel lost 0.55% against the dollar with the shekel-dollar representative rate closing at NIS 4.236/$. It also lost 0.18% against the euro, with the shekel-euro representative rate closing at NIS 5.758/€.
Online foreign currency brokerage firm Easy Forex says the increase in returns on shekel denominated long bonds has sent share prices down on the Tel Aviv Stock Exchange (TASE) and caused the dollar to strengthen. Technically, a break through the current resistance level of NIS 4.25/$, will increase the likelihood of a further rise in the shekel-dollar rate to NIS 4.30/$.
Published by Globes [online], Israel business news - www.globes.co.il - on July 9, 2007
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