Shekel Weakens Against Major Currencies Amid Political Uncertainty

The shekel extended its negative trend following the elections, weakening slightly against major currencies on Monday morning. The US dollar advanced by 0.1% to trade at approximately 3.14 shekels, while the euro climbed 0.3% to 3.51 shekels. The British pound added 0.1%, changing hands at 4.21 shekels.

This depreciation occurs against a backdrop of political uncertainty and difficulties in forming a coalition government. Investors are preparing for a busy week dominated by US midterm elections, the release of the October US employment report, and upcoming interest rate decisions in the United Kingdom, Australia, Norway, and Sweden.

On Tuesday, American voters head to the polls for the midterms. According to forecasts, Democrats are projected to secure a majority in the House of Representatives, while the race for control of the Senate remains closely contested.

Meanwhile, in global foreign exchange markets, the dollar traded relatively stable against a basket of major currencies. The euro strengthened by 0.2% against the greenback to trade at 1.118 dollars, and the pound rose 0.1% to 1.34 dollars. Conversely, the dollar ticked up 0.1% against the Japanese yen to 157.77 yen per dollar.