In a surprise move last Friday, Stanley Fischer, Governor of the Bank of Israel announced that the bank will be purchasing $100 Million US dollars a day in order to weaken the shekel to its proper level in relation to the dollar.

Immediately the shekel dropped to 3.38 and Globes reported that Deutsche Bank said that shekel rally has ended.

Of course that was Friday.

Guess where the dollar closed today in relation to its closing position then?

You guessed it.

Read more.

Meanwhile, hopefully tomorrow will be better.