The shekel opened stronger this morning against both the dollar and euro. The shekel-dollar exchange rate fell 0.38% to NIS 4.193/$, and the shekel-euro exchange rate fell 0.29% to NIS 5.5702/€.
In addition to the G-20 meeting in London, where leaders of the largest economies are discussing ways to deal with a global recession, this afternoon the European Central Bank will announce its interest rate decision. European Central Bank President Jean-Claude Trichet is expected to announce a 50 basis point cut in the interest rate, to 1%.
Online foreign currency trading platform Easy-Forex says that locally, traders are waiting to see the economic plan that the new Israeli government is expected to present in the coming days. Until then, shekel trading will probably be volatile, with a tendency to follow global trends.
There is a technical support level at NIS 4.18/$, and a second support level at NIS 4.15/$. The nearest resistance level is at NIS 4.25/$, with further resistance levels at NIS 4.3/$ and at NIS 4.35/$.
Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2009
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