The Dollar Continues to Decline Against the Shekel and Globally Against Other Currencies

SadaNews Economy Translation - The US dollar continues to decline against the Israeli shekel, recording record low figures.

According to the economic Hebrew newspaper Calcalist, the dollar was trading as of Thursday evening at 3.06 shekels, the lowest level since November 2021, marking its lowest level in 30 years.

The American currency dropped by 0.6%, reaching 3.054 shekels, and the euro also fell by a similar percentage to reach 3.629 shekels, as translated by Sada's Economy Section.

This comes as Israel is approaching the release of inflation data for January next Sunday.

The dollar index also retreated against a basket of currencies by 0.1%, reaching 96.8 points, while the euro rose slightly by 0.1%, trading around 1.19 dollars, and the British pound increased by 0.2%, trading above 1.36 dollars.

Investors who pushed the dollar up in the global market last evening in response to unexpectedly strong employment data are awaiting the US inflation data for January, which will be released tomorrow, with expectations indicating that annual inflation will reach 2.5%, compared to 2.7% in December.

According to the employment report, the US labor market added 130,000 new jobs in January, exceeding expectations of between 60,000 and 70,000 jobs, while the unemployment rate fell from 4.4% to 4.3%.

These data alleviated concerns over the risk of a downturn in the labor market and eased pressure on the Federal Reserve to cut interest rates.