Union Bank predicts that the May CPI will rise by 0.8%.
Options trading reflects the shekel appreciating against the dollar and euro.
At mid-afternoon, option prices showed the shekel-dollar exchange rate was down 0.41% compared with Friday's representative rate, to NIS 3.408/$, and the shekel-euro rate was down 0.47% to NIS 5.241/€.
In its weekly market survey, Union Bank predicts that the shekel-dollar exchange rate will range between NIS 3.39/$ and NIS 3.45/$. The closest support level is NIS 3.375/$ and the closest resistance level is NIS 3.45/$. The bank predicts that the May Consumer Price Index (CPI) will rise by 0.8%, but that the rise will be much less, or even negative, in June.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008