Dollar Surges to 3.1 Shekels for First Time Since April
Translated & summarized from Vesty by baba
The dollar reached 3.1 shekels on October 15, its highest level since April 8, following a rise in US consumer prices. The dollar also hit an 18-month high against other major currencies. Meanwhile, the euro weakened to a 17-month low against the dollar. Asian tech stocks, including SK Hynix, Samsung, and SoftBank, experienced significant drops amid inflation fears.
The story in 5 lines · by baba
- The dollar reached 3.1 shekels on October 15, its highest point since April 8.
- US consumer prices rose sharply in September due to increased fuel costs.
- The dollar index climbed to 102.57 points, an 18-month high against major currencies.
- The euro fell to a 17-month low against the dollar amid concerns over France's fiscal health.
- Asian tech stocks like SK Hynix and Samsung dropped significantly due to inflation fears.
On the morning of October 15, the dollar reached 3.1 shekels against the Israeli currency, its highest point since April 8. The previous day, the exchange rate was 3.075 shekels, prior to the release of US consumer price index data. The euro remained stable at 3.44 shekels.
Concurrently, the dollar hit an 18-month high against major global currencies. The US Bureau of Labor Statistics reported on October 14 that the September consumer price index saw a sharp increase, driven by rising fuel costs. This news caused the dollar index, which tracks the dollar against six major currencies, to climb 0.38% to 102.57 points.
The euro fell 0.44% against the dollar to a new 17-month low of $1.1149, primarily due to ongoing concerns about France's fiscal stability. Asian stock markets also experienced turmoil, with fears of accelerating US inflation and artificial intelligence investment uncertainties impacting major tech companies. South Korea's SK Hynix saw its stock price drop 11%, while Samsung fell 10%. In Japan, technology investment firm SoftBank declined by 10%.
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