The dollar continues to fall and traded on Thursday at NIS 3.604 due to e encouraging inflation data
Posted on Jul 13, 2023 by Ifi Reporter
The dollar continues to fall and traded on Thursday at NIS 3.604. The reason for this is the encouraging inflation data published yesterday in the United States, which led directly to sharp drops in the dollar exchange rate on the foreign exchange market. Meanwhile, the euro drops to NIS 4.03.
Inflation in the US increased at a lower rate than expected in June. In addition, according to estimates, following this decrease - the Fed may stop raising interest rates. Moreover, the encouraging decrease in inflation may even cause the Fed to lower interest rates for the first time in a long time.
The euro rose in the last two days at a level of 1.5% against the dollar, and is now trading at $1.118. This is actually his highest level in 15 months. In the banking system that centralizes almost all trading in the foreign exchange market, they said yesterday that what causes the shekel to strengthen is a combination of several factors that include, internalizing that the interest rate in Israel will rise again soon and this means that the speculators want to stock up on shekels right now.
The second reason is that all the bad news is already embodied in the exchange rate and this means that only the deterioration in the protest and/or the deterioration in the legal legislation will bring the dollar to break all possible resistance levels at the moment.
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