Dollar hits 7-month high versus shekel
The U.S. dollar rose against the Israeli shekel to its highest level in about seven months, surpassing 3.10 shekels. This came after inflation data in the United States showed an acceleration and expectations of an interest rate hike. The dollar reached approximately 3.1033 shekels, with the dollar index increasing to 102.66 points, driven by rising U.S. bond yields and increased demand for the dollar. The data revealed a 0.6% increase in the Consumer Price Index in September and a yearly inflation rate climbing to 3.7%, with gasoline prices up by 9.1%. These figures are likely to increase the chances of the Federal Reserve raising interest rates at its upcoming meeting, amid market anticipation of further developments and heightened volatility in currency markets. Additionally, the strengthening dollar directly impacts Palestinian markets in terms of commodity prices and currency obligations.
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