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Bank of Israel headquarters in Jerusalem.Credit: Bloomberg

Dollar resumes weakness on Fed minutes
The dollar’s advance on the shekel reversed course on Thursday, with the U.S. currency weakening by 0.2% to a Bank of Israel rate of 3.4290 shekels. The euro also lost value against the shekel, losing 0.16% to 4.6696. “After succeeding to reach as much as 3.445 shekels, the exchange rate reversed course to below 3.43 shekels. The dollar was again pounded by the rhetoric emerging from the Fed,” said currency trader FXCM, referring to the minutes of the Fed’s June meeting. They failed to offer any new signals that the Fed is closer to raising interest rates, adding to pressure on the dollar. On a technical level, the dollar succeeded in breaking through a “significant” resistance point,” FXCM said. “The longer-term trend is to continue going lower and the exchange rate is expected sooner or later to fall below 3.4 shekels,” it said. Only a move above 3.44 shekels for the dollar could bring a more significant correction than the one this week, it added. (Eran Azran)

Tel Aviv shares turn lower after brief spike
Tel Aviv shares turned lower Thursday, as the fighting in Gaza entered its third day. After rising on Wednesday the benchmark TA-25 index quickly lost attitude to end 0.3% down, at 1,371.61 points, although turnover remained a brisk 1.26 billion shekels ($370 million). The TA-100 index also dropped 0.3% to end at 1,234.27 points, although real estate, insurance and communication stocks mostly finished higher. Bezeq led the most actives on an 0.9% gain to 6.42 shekels. Among the biggest losers was Brack Capital, which lost 3.1% by close to 221.20 shekels, and Compugen, which ended down 2.5% at 29.29. Can-Fite jumped 4.25% to 6.45 shekels after reporting the Health Ministry has approved its CF102 drug for a patient with hepatocellular carcinoma, the most common form of liver cancer. In the fixed income market, the government’s 10-year shekel bond rose 0.23% to cut its yield to 2.85% while the inflation-linked bond due in 2023 advanced 0.29% to leave the yield at 0.67%. (Eran Azran)

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