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April inflation topples dollar
By Yuval Maoz
Tags: Israel

The shock of the April consumer price index, which jumped 1.5% in one month, brought the dollar down over the weekend after the CPI was announced Thursday evening.

Investors are expecting the high inflation will push Bank of Israel Governor Stanley Fischer to raise interest rates, thus making the currency more attractive.

The dollar-shekel representative rate fell 1.8% on Friday, reaching NIS 3.362 per dollar.
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The greenback fell even further in interbank trading during the day on Friday, down 2% to NIS 3.356, though it recovered slightly in the afternoon.

The euro fell even more, 1.89%, to a representative rate of NIS 5.204 per euro.

For the week, the dollar lost 2.9% against the shekel, and is now 11.2% lower than the shekel since the beginning of 2008.

In world markets, the dollar rose on Friday against the euro by 0.4% to $1.551 per euro, which highlights the strength of the Israeli currency.

The surprising April CPI, which was forecast in the 0.9% range, clearly indicates growing Israeli inflation.
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