Bulls Unbowed as Flug's $1.4 Billion Spree Fails to Stem Shekel
- Options traders are least bearish on the currency since 2009
- Production and employment could be hurt long term: Bank Leumi
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Israel’s central bank is fighting a losing battle against the surging shekel.
The currency strengthened 3.5 percent against the dollar in February, trailing only Mexico’s peso among 31 major peers and rising to its strongest level since September 2014, even as policy makers bought some $1.365 billion of foreign currency, the most since December 2015. Despite the Bank of Israel’s efforts, options traders are the least bearish on the shekel in almost eight years.