The shekel has strengthened against the dollar and euro, despite the US dollar gaining strength after Donald Trump's presidential election win. Mizrahi Tefahot Bank chief economist Ronen Menachem explains that the shekel's performance will depend on developments in the war, rather than the US election results. Menachem also highlights that Trump's deficit fiscal policy and inflationary pressures could impact the US economy and the interest rate on the dollar. Additionally, he suggests that the shekel's rate will be influenced by a potential diplomatic settlement in the north and calm with Iran. Geopolitical conflicts could also strengthen the dollar as a safe haven currency.