The shekel is strengthening against the dollar, but weakening against the euro, in morning inter-bank trading. On Monday the Bank of Israel will announce the interest rates for November. The shekel-dollar exchange rate is down 0.52%, compared with Friday's representative exchange rate, to NIS 3.62 to the dollar, but the shekel-euro exchange rate is up 0.33% to NIS 5.036 to the euro. On Sunday, leaders at the European summit announced that the European assistance fund to countries in crisis will be based on countries around the world that have trade surplus and extremely large foreign currency reserves, such as China and Brazil. This will provide €440 billion to help leverage the assistance fund through the IMF and other countries, and thereby create a mechanism to support countries and large banks with extremely large amounts of capital.
