Free Trial

ILS: Shekel Appreciates Despite Escalating Conflict With Hezbollah

ILS

Spot USD/ILS has pulled back from fresh multi-week highs after a brief foray above the 3.80 figure, with modest greenback weakness likely facilitating the move. The shekel has now taken over as the best EMEA performer, pushing the ZAR to second place, despite the spiralling conflict with Hezbollah.

  • The pair last deals at 3.7730, 189 pips shy of neutral levels, with bears looking for a move through Sep 16 low of 3.6986. On the flip side, bulls keep an eye on Aug 6 high of 3.8533.
  • Israel and Hezbollah continue to trade rocket fire, with the IDF just confirming that it conducted another wave of airstrikes against targets in southern Lebanon. The Times of Israel quoted a senior US official who noted that the US was seeking an "off-ramp that will first and foremost prevent further escalation in the fighting."

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.