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Israeli Shekel Reverses Gains, Dollar Surges After Election Results
The Israeli shekel reversed sharp gains made on election day, with the dollar surging to 3.09 shekels on Wednesday. Investor optimism about a potential "change bloc" victory initially strengthened the shekel, but higher-than-expected mandate projections for the Netanyahu bloc led to a significant dollar purchase wave.
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What happened
- 01The dollar surged to 3.09 shekels, reversing earlier gains against the Israeli shekel on Wednesday.
- 02Initial election day optimism for a "change bloc" victory had pushed the dollar down to 3.02 shekels.
- 03Higher-than-expected mandate projections for the Netanyahu bloc (55 seats) triggered a dollar buying spree.
- 04Importers face increased costs due to the shekel's depreciation, while exporters see higher revenues.
- 05Market focus is now on final vote counts and the US Federal Reserve's interest rate decision.
Importers face higher costs, while exporters benefit from the weaker shekel. Investors await final election results and the US Federal Reserve's interest rate decision.
The coverage
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Who covered it
- LeftNone
- Centre1
- RightNone
- HarediNone
- ArabNone
- Other1
How it broke
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