If you would like more information please click this link. This report will be the most current information on inflation that the Federal Reserve will use to make its final decision on its monetary policy. With some currencies, we offer a guaranteed rate. It's the rate you find on Reuters, Google,, etc., and it’s the rate Wise gives you when you send money to over 70 countries. This is the preferred index used by the Federal Reserve and the report will contain the most current inflationary data for May 2023. The real exchange rate is the midpoint between the buy and sell rates on the global currency markets and it constantly fluctuates. The BEA will release the PCE price index report on Tuesday. ![]() It is predicted that there is a 53% probability that the Fed will raise its benchmark rate by ¼%, and a 16.4% probability that they will raise rates by ½ % at the July FOMC meeting. However, the pause in rate hikes could be short-lived according to the CME’s probability indicator. According to the CME’s FedWatch tool, there is a 71.2% probability that the Fed will not raise their benchmark interest rate for the first time in over a year, with only a 28.8% probability that they will raise rates by ¼%. ![]() However, market sentiment reversed last week from bearish to bullish as market participants anticipate that the Federal Reserve will not raise rates as they have at the last 10 consecutive FOMC meetings beginning in March 2022. The weeks beginning May 8, May 15, and May 22 all concluded with gold prices declining. Gains over the last two weeks come after pricing had been in a defined price correction which began during the first week of May when gold futures traded within a few dollars of the record high. ![]() This week gold opened at approximately $1962 and as of 5:15 PM EDT is currently fixed at $1975.70 after factoring in today’s decline of -$2.90. On Friday, June 2 gold futures settled at approximately $1972 after briefly trading to $2000 an ounce. BookMyForex compares exchange rate quotes across hundreds of banks and money changers in your area and shows you the best forex rates in real time. Gold traded to a lower low than the previous week but closed above the settlement price that occurred on the last trading day of the week. Gold futures basis the most active August contract opened at approximately $1942 during the week beginning on Tuesday, May 30th. Accordingly parties to transactions that are indexed to foreign currency may use any exchange rate on which they agree.In anticipation that the Federal Reserve will not raise its benchmark interest rate at the next FOMC meeting that ends on Wednesday, June 14 market participants have moved gold prices higher for the last two weeks. Importantly, the representative rate is an indicator of the exchange rate in use but has no obligatory status under law. The representative rate is based on the rate prevailing in the market at the time it is set. The Pound to Dollar (GBP/USD) exchange rate found support close to 1.2400 on Wednesday and spiked to highs at 1.2500 before a fresh slide to below 1.2450 into the European close. On each foreign currency business day in Israel, the Bank of Israel publishes the representative exchange rate of the shekel against foreign currencies. Section 4(3) of the Law states that one of the functions of the Bank of Israel is "Supporting the orderly activity of the Foreign Currency market in Israel." In this capacity the Markets Department monitors market performance. ![]() In the early 1990s, foreign-currency control was gradually repealed in a liberalization process. However, the Bank reserves the right to intervene in foreign currency trading when necessary. Commercial Banks Exchange Rate Kuwaiti Dinar, 168.7193, 172.0937 Danish Kroner, 7.1671, 7.3104 Djibouti Franc, 0.3037, 0.3098 SDR, 72.9434, 74.4023 Swiss. Today, the exchange rate policy is based on unrestrained fluctuation of the domestic currency against other currencies. Foreign currency trading takes place mainly between banks and their customers in Israel and abroad and among banks themselves.
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