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ILS: Shekel Firms Amid Hopes For Hezbollah Ceasefire, Strong Q3 GDP Print

ILS
EM BulletBulletGlobalEmerging Market NewsMiddle EastRegion

USD/ILS has sold off and last trades at 3.7304, around 160 pips lower on the session, with bears looking for a dip through Sep 26 low of 3.6792. Bulls eye resistance from Oct 4 high of 3.8309, followed by Aug 6 high of 3.8533.

  • Reuters reported that US envoy Amos Hochstein will tomorrow arrive in Beirut to participate in ceasefire talks between Hezbollah and Israel amid positive mood music around the latest proposal submitted by the US. Ynet reported that "the negotiations have become serious" and PM Netanyahu is facing pressure from multiple directions to make progress in talks, but a failure to reach agreement in the coming days could mean the resumption of intense fighting until mid-January.
  • Advance Q3 GDP data released yesterday showed that Israel's economy expanded by 3.8% Y/Y, comfortably overshooting Bloomberg consensus forecast of +2.8%. The Globes reported that "behind the improved data about Israel's economic performance is a sharp increase in both business output and growth resulting from private consumption."
  • Israel's October unemployment data will cross the wires at 11:00GMT/13:00ILS.
  • The TA-35 Index operates 0.6% lower on the day.
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USD/ILS has sold off and last trades at 3.7304, around 160 pips lower on the session, with bears looking for a dip through Sep 26 low of 3.6792. Bulls eye resistance from Oct 4 high of 3.8309, followed by Aug 6 high of 3.8533.

  • Reuters reported that US envoy Amos Hochstein will tomorrow arrive in Beirut to participate in ceasefire talks between Hezbollah and Israel amid positive mood music around the latest proposal submitted by the US. Ynet reported that "the negotiations have become serious" and PM Netanyahu is facing pressure from multiple directions to make progress in talks, but a failure to reach agreement in the coming days could mean the resumption of intense fighting until mid-January.
  • Advance Q3 GDP data released yesterday showed that Israel's economy expanded by 3.8% Y/Y, comfortably overshooting Bloomberg consensus forecast of +2.8%. The Globes reported that "behind the improved data about Israel's economic performance is a sharp increase in both business output and growth resulting from private consumption."
  • Israel's October unemployment data will cross the wires at 11:00GMT/13:00ILS.
  • The TA-35 Index operates 0.6% lower on the day.