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ILS: Shekel Cuts Initial Losses, Market Participants Mull Regional Geopolitics

ILS

USD/ILS has unwound its opening gains and last deals at 3.6977, up 33 pips on the session. The initial layer of support is provided by Aug 16 low of 3.6589 and a break here would open up Jul 12 low of 3.5800. Bulls look for a recovery towards 3.8533, the high print of Aug 6.

  • US Secretary of State Anthony Blinken said that Israel accepted a proposed Gaza cease-fire agreement and sealing the deal now depends solely on Hamas "saying yes." President Joe Biden subsequently accused Hamas of "backing away" from the deal amid reports that the group sees the latest round of negotiations as buying Israel time to prepare for a continuation of its offensive. Separately, Haaretz reported that PM Netanyahu believed that any deal would collapse within weeks.
  • Israel's statistics bureau will report unemployment data for the month of July at the top of the hour.

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