Written by: Aaron Katsman | July 10, 2008
Aaron Katsman
IsraelNewsletter.com
In what has been an extremely volatile trading session, which has seen the shekel trade near the 3.21 level against the US dollar, news that Bank of Israel Governor Stanley Fischer has increased the level of BOI intervention in the currency market has sent the dollar surging by more than 2.25%. The BOI announced that it will increase it’s buy-up of the greenback to a $100 million a day.
The continued rise in the Shekel has defied all logic. Even yesterday, the shekel strengthened by more than 1%, as Iran announced the testing of missiles that have the range to hit Israel. Under normal market conditions that news would have sent the Shekel reeling, but it just didn’t happen.
Let’s see if fundamental reasoning returns to the local currency market on the heels of the BOI move, or if this move is just a knee-jerk reaction that will reverse in the next few days.
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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
Written by: Aaron Katsman | July 2, 2008
Aaron Katsman
IsraelNewsletter.com
In what could be seen as a sad reality, on the heels of today’s terror attack in the heart of Israel’s capital city of Jerusalem, the Israeli Shekel is rallying more than 1.5% against both the Euro and the US Dollar. It used to be that after a terror attack the Shekel would drop. Unfortunately, after years and years of living with terrorism, today’s attack which has left at least 4 innocent people dead and scores injured, has had no effect on the currency market. The shekel continues to be one of the strongest currencies in the world, even in the face of continued terrorism, missile attacks in the south, and the threat of some type of military conflict with Iran.
It’s a pretty sad state of affairs that we have become so anesthetized by terrorism that it makes virtually no impact in our lives. We just continue on as if nothing has happened. Our thoughts and prayers are with the families of those that were killed, and we wish a speedy recovery to those injured.
Disclosure: Author’s fund has no position in any stock mentioned as of 7/02/08.
Please see our Disclaimer HERE.
NEW! Introducing Israel Opportunity Investor, our monthly subscription-only newsletter. Stay ahead of the game and make smart decisions in Israel stocks. Go here to learn more.
Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
