Prico sees the shekel weakening to NIS 3.70/$ due to the planned judicial reform, an S&P downgrade, damage to the tech sector and weak macro data.
Globes reports that the shekel is weakening against the dollar and against the euro. In afternoon inter-bank trading, the shekel-dollar rate is up 0.52%, at NIS 3.639/$, and the shekel-euro rate is up 1.15%, at NIS 4.016/€.
The Bank of Israel set the representative shekel-dollar rate 0.028% up from Monday, at NIS 3.62/$, and the representative shekel-euro rate was set 0.334% lower at NIS 3.971/€.
The shekel is depreciating ahead of the US Federal Reserve interest rate announcement with most economists expecting another 0.25% hike to 5%-5.25%. The Bank of Israel's next interest rate decision is on May 22, with most economists expecting a 0.25% hike, the tenth consecutive hike over the past year to 4.75%.
Source - Globes/Twitter - Image - Shutterstock