Israeli Shekel Rises Against Greenback

The Israeli shekel advanced against the US dollar in New York trading on Monday. The shekel, which touched a low of 3.8675 versus the greenback in early European session, soared to 3.8450 by about 9:30 am ET today. Thereafter, the shekel reversed its direction versus the greenback and currently trading at 3.8573. The pair closed last week's New York session at 3.8578.

Israel's unemployment rate dropped for the ninth consecutive month in May, the Central Bureau of Statistics said today. Meanwhile, the country's manufacturing output grew for the sixth consecutive month in May, but at a slower pace than in the previous month.

The jobless rate fell slightly to 6.5% in May from 6.6% in April. In the same month a year ago, the unemployment rate was 7.8%.

At the same time, the statistical office reported that the country's manufacturing output rose a seasonally adjusted 0.6% month-on-month in May, slower than the 1.9% increase in April. In May 2009, production decreased 0.3%.

In the meantime, data from the Manufacturers Association of Israel showed that the country's industrial exports declined 2.5% in real terms in the second quarter.

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