/Shekel gains ahead of March CPI reading

Shekel gains ahead of March CPI reading

The shekel is trading at its strongest since April 2018.

The shekel is strengthening today against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.36% against the dollar at NIS 3.565/$ and down 0.17% against the euro at 4.033/€.

On Friday, the Bank of Israel set the shekel-dollar representative rate down 0.140% on at NIS 3.578/$ and set the shekel-euro rate down 0.042% at 4.040/€.

The shekel-dollar exchange rate is trading at its strongest since April 2018 ahead of the publication of the March 2018 consumer price index reading by the Central Bureau of Statistics. Leader Capital Markets macroeconomist Yonatan Katz expects a jump of 0.5% due to seasonal price rises and a 3.5% rise in gasoline prices. Higher inflation would raise the likelihood of an interest rate hike, sooner rather than later in 2019.

Published by Globes, Israel business news – en.globes.co.il – on April 15, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Shekel Photo: ASAP Creative

Shekel Photo: ASAP Creative