The shekel was weaker in inter-bank trading today against the dollar and the euro amid global pessimism. The shekel-dollar rate was up 0.27% at NIS 3.76/$ from yesterday when the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.75/$. The shekel-euro rate was up 0.73% at NIS 4.994/€ by the late morning.
Mohamed El-Erian, CEO of Pimco, the world’s largest hedge fund, has again presented a pessimistic forecast for the US economy insisting that recovery is too slow and that the employment report published last week was weaker than expected and indicates a lack of strength in the US economy. He said, “Our strategy is based on a slow recovery for the US economy and we therefore assume growth will be lower and we are working on that.”
Trading in foreign currency is likely to be thin today with many European countries on vacation for May 1.