Shekel plunges as Israeli election results fuel political uncertainty
According to Ynet, the shekel fell sharply on Wednesday following preliminary results from Israel's general election, which heightened political uncertainty. The U.S. dollar rose 1% against the shekel to trade near 3.09, while the euro climbed above 3.43 shekels. In global markets, investors are focused on the Federal Reserve's interest rate decision. Economists, including Mohamed El-Erian, have warned that further monetary tightening could cause significant damage to vulnerable sectors of the economy, such as housing and consumer loans.