JPMorgan Says Shekel Now Likely Severed From US Stocks for Good

Long more in sync with global technology stocks than domestic drivers, the currency has been set adrift this year as Prime Minister Benjamin Netanyahu’s efforts to wrest more power away from Israel’s courts divided the country and triggered massive street protests.

In the decade through the end of last year, the shekel was one of the rare currencies in the world to strengthen against the greenback, as Israel ran a current-account surplus and benefited from technology investment and increased natural gas exports. But the relationship no longer holds. The shekel has lost nearly 9% against the dollar in 2023, trading in recent days at a three-year low.

Without outright positions on the shekel, JPMorgan said “political risk is likely to remain elevated” as the government’s steps to overhaul the judicial system face challenges in court.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

JPMorgan Says ‘Trailblazing’ Rules to Boost India’s ESG MarketIndia’s new rules for environmental, social and governance investments and ratings are likely to attract more investors to the nation’s $1.4 billion market and serve as a model for other countries, according to JPMorgan Chase & Co.
Source: BNNBloomberg - 🏆 83. / 50 Read more »