It was back to business in the currency markets, including a welcome sight for those looking to exchange dollars to shekels. Elsewhere, authentic Israeli cooking is served hot off the presses, and sterling seeks to avoid getting psyched out at the IsraTransfer trading desk. All that plus Israel’s two decade-long webpage reload. Ready to be caught up on what you may have missed? Then keep on scrolling and let’s get to it.
From the IsraTransfer Trading Desk
Well, it was all going so well for sterling last week with the GBP/NIS back above 5.00 yet again. Unfortunately the run came to a sudden halt late last week when figures were released showing the UK economy now in a slowdown. Given the new perspective, it is now extremely unlikely we will see an interest rate hike next month, despite the markets having already priced in a 75% chance of it happening. As a result, sterling immediately traded below 5.00, which as we have mentioned in the past could prove once again a formidable psychological barrier.
Meanwhile, things were different for the US dollar, as exchange rate finished the week higher, leaving the USD/NIS now at its highest level in more than half a year. This week will be key to seeing if the momentum can continue with the next US Federal Open Market Committee rate decision to be released on Wednesday, and unemployment figures due out on Friday. We are of the opinion that the USD/NIS exchange rate can and should try and test 3.60 again, and even go through it if both figures are well received.
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Bank of Israel Representative Rates
For the Week of April 23rd thru April 27th, 2018
|Currency||Symbol||Week High||Week Low||Week Close|
|South African Rand||ZAR||0.2927||0.2865||0.2911|
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Shekel Exchange Spotlight
After an eight-month hiatus away from the 3.59 level, the USD/NIS exchange rate finally has made it all the way back, finishing just below it for the first time since September 2017. Perhaps a sign of things to come, the weakening of the shekel has been attributed to a fear of a widening in interest rates between the shekel and US dollar. In fact, while the US Federal Reserve is planning another potential three rate hikes this year while. The Bank of Israel has said it will not raise them at all. Furthermore, concerns of a potential slowdown in the Israeli economy, citing the slowdown in the housing market, have also served to weaken the shekel and widen the exchange rate between it and the US dollar as well.
Hi-Tech Israeli Cuisine
The global meat industry may about to be cooked thanks to Israeli startup, Chef-It. Like 3d printing grills, Chef-It cranks out burgers made from plant proteins, fats, and cellulose that its founder proclaims is just months away from being indistinguishable from the real thing. The technology can also imitate the flavor effect of different cooking styles, such as grilling, baking, and frying. Because adjustable infrared cooking levels simultaneously cooks the food while printing it, whipping up a new burger from scratch takes approximately 10 minutes, with the company’s ultimate goal of just 180 seconds.
Beyond helping to solve world hunger, Chef-It also aims to disrupt one of the world’s biggest polluters, the global meat industry, creators of as much greenhouse gas emissions as all of the world’s cars, trucks, trains, ships, and airplanes combined. Additionally, the company could also help put the meat industry’s global footprint on a diet, which currently includes 30% of all land and over 25% of all freshwater on Earth.
Israel’s Great Internet Browser Refresh
The actual face of the land isn’t the only thing looking different in Israel over the past 20-plus years. In fitting with April’s motif of celebrating Israeli culture, a history of the look and feel of the Israeli internet over time, featuring archived images is now on display, online of course. Interestingly, because web browsers at the time were only able to process only a Latin font, the first websites to go online in Israel were actually English-speaking.
For those looking to do a little more time travelling, the Open Media Information Lab and the National Library of Israel’s interactive online exhibit should definitely be visited.
Ok everyone, consider yourself now back to the future. Have a very productive and prosperous week from IsraTransfer.
Looking for the easiest way to transfer money to Israel? IsraTransfer Ltd. is Israel’s leading currency exchange firm specializing in wire transfers of US dollars (USD), British sterling (GBP), Canadian dollars (CAD), euros (EUR), and more to Israel. Founded in 2008, and with over 1 billion NIS exchanged, we are the exclusive operators of the AACI Currency Exchange Program.