Dollar Strengthens Against Shekel Ahead of Inflation Data
Translated & summarized from Calcalist by baba
The US dollar strengthened by 0.3% against the Israeli shekel, trading above 3.20 shekels ahead of Sunday's release of October inflation data. Global markets are monitoring tech stock volatility and anticipating statements from US Federal Reserve officials. Japan's Finance Minister vowed government action against yen depreciation.
The story in 5 lines · by baba
- The dollar rose 0.3% against the Israeli shekel, trading above 3.20 shekels.
- Investors await Israel's October inflation data due Sunday.
- Global markets are watching tech stock volatility and Fed statements.
- Japan's Finance Minister pledged government action on yen's weakness.
- The Japanese yen neared 160 against the dollar, a multi-week low.
The Israeli shekel saw a slight decline against the US dollar as the trading week concluded, with the dollar trading above 3.20 shekels, marking a 0.3% increase. The euro remained largely stable against the shekel, trading around 3.54 shekels. Investors are awaiting Israel's October inflation data, scheduled for release on Sunday.
Globally, the dollar index held steady against major currencies. The euro and British pound were also stable against the dollar. Market attention is focused on volatility in technology stocks, influenced by the departure of Nvidia's CEO Jensen Huang, amidst broader sector pressures from financing and regulatory concerns following the US midterm elections.
Currency strategists suggest that while a significant stock market downturn could weaken the dollar, its current strong momentum is likely to continue, particularly with upcoming statements from Federal Reserve officials. Expectations of a potential 0.5% interest rate hike could further support the dollar.
Meanwhile, the Japanese yen traded near a multi-week low against the dollar, nearing 160 yen. Japan's Finance Minister Satsuki Katayama stated that the government would respond appropriately to exchange rate volatility, following the yen's brief dip below the 160 mark.
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