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Shekel weakens further against dollar in line with global trend

  • October 01, 2022

As the turbulence on financial markets continues, with falls in Asian markets today and a negative trend in futures contracts, the US dollar has strengthened further, globally and in Israel.

The shekel-dollar rate is currently 1.4% higher than the representative rate set last Friday (Israeli markets were closed on Monday and Tuesday for the Rosh Hashana holiday) at NIS 3.5377. while the shekel-euro rate is 0.92% lower, at NIS 3.3796/€.

Morgan Stanley chief US equity strategist Michael Wilson wrote on Monday that the stronger US dollar is creating an “untenable situation” for risk assets such as stocks, and that similar situations in the past have led to some kind of financial or economic crisis. “While hard to predict such ‘events,’ the conditions are in place for one,” Wilson wrote.

The US Dollar Index, which indicates the value of the dollar against a group of major currencies, has climbed 19% so far this year, while US stock markets have fallen 23%. The index reached a twenty-year peak on Monday, while the pound sterling hit an all-time low against the US dollar.

The main indices on the Tel Aviv Stock Exchange fell sharply this morning when the market reopened after the Rosh Hashana break. The Tel Aviv 35 Index is currently down 2.33%.

Published by Globes, Israel business news – en.globes.co.il – on September 28, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


Article source: https://en.globes.co.il/en/article-1001425605#utm_source=RSS

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