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ILS: Shekel Extends Losses Ahead Of BoI Minutes

ILS

Spot USD/ILS extends recent gains despite relatively weak performance from the greenback. The pair posts gains for the fifth consecutive day as it continues to retrace the Aug 6 - 30 sell-off, pushing beyond the 61.8% retracement point today. A further break above the 76.4% retracement at 3.7948 would open up Aug 6 high of 3.8533. On the flip side, bears need a retreat past Aug 30 low of 3.6056 to regain the upper hand. When this is being typed, the pair deals at 3.7672, up 44 pips on the session.

  • The Bank of Israel will release the minutes of its most recent monetary policy meeting later today. As a reminder, on Aug 28 the MPC decided to leave the policy rate unchanged at 4.50%.
  • Defence Minister Yoav Gallant told reporters that Hamas "as a military formation" in Gaza "no longer exists," despite being active as a guerrilla force, and the army will be turning its focus to the northern front on the border with Lebanon.

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