The dollar is stable, trading around 3.08 shekels, the euro climbs to 3.52

The dollar is stabilizing against the shekel, a day after the Fed's interest rate announcement—which remained unchanged—and the press conference of Chairman Kevin Warsh, which pressured the American currency downward. This comes against the backdrop of further US strikes in Iran. The dollar is trading near 3.08 shekels, while the euro continues to climb, trading at 3.52 shekels after rising yesterday from 3.48 to 3.50 shekels.

In global markets, following the sharp retreat in the dollar after the Fed's decision, the dollar index against a basket of leading currencies shows no significant movement, remaining at 100.9 points. The euro is down 0.1%, trading above 1.14 dollars. The pound weakened by 0.2%, trading above 1.33 dollars.

"Although three committee members supported an interest rate hike as early as July, Fed Chairman Kevin Warsh refrained from hinting that such a hike is imminent, and adopted a tone similar to the one he used in June," said Fabien Yip, a market analyst at IG.

"This position is beginning to unsettle investors: a Fed that is not willing to commit to continuing the tightening of monetary policy raises the question of whether it will succeed in maintaining stability in inflation expectations in the long term."

US government bonds reacted strongly to the Fed's decision: the yield on the 30-year bond jumped by 11 basis points to 5.20%, its highest level since July 2007. The yield on the 10-year bond climbed by 8 basis points to 4.68%. Wall Street futures now imply a 42.6% probability that the Fed will leave the interest rate unchanged in its next decision, to be published at the end of a two-day meeting on September 16. This compares to a probability of only 24% before the last interest rate decision.

"We still estimate that the Fed will leave the interest rate unchanged, but we fear that the markets might react negatively later if the feeling strengthens that it is not acting when it should do so," said Steve Englander, head of G10 currency research at Standard Chartered in New York. "Many market participants commented on the ambiguity that characterized Warsh's answers to questions that, in past circumstances, would have received a direct answer."