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The Shekel's Split Personality
The shekel-dollar rate grabs all the headlines, but it tells less than a third of the story. Since January 2025, the shekel has strengthened 17% against the dollar while weakening 8% against the euro — a structural divergence reshaping Israel's export economy beneath the surface. We break down the three separate drivers behind this split: ECB vs Fed rate policy, commodity currency dynamics, and the yen carry trade unwind. Plus, how the Bank of Israel's dollar interventions inadvertently amplify the shekel's weakness against the euro, and what this means for exporters like Teva Pharmaceuticals…
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