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ILS: Shekel Looks For Fresh Direction

ILS
EM BulletBulletGlobalEmerging Market NewsMiddle EastRegion

Spot USD/ILS has been oscillating between gains and losses in the wake of yesterday's in-line BoI rate decision and amid continued focus on geopolitics. The rate trades at 3.7702, 32 pips higher on the day, and bulls still target Aug 6 high of 3.8533. On the flip side, bears look for losses towards and beyond Sep 26 low of 3.6792.

  • The Bank of Israel left the base rate unchanged at 4.50% yesterday, in line with expectations. The discussion focused on the impact of war on Israel's economy, with the central bank cutting its growth forecasts on the assumption that high-intensity military activity will continue at the beginning of 2025.
  • The Washington Post reported that the US is in talks with Qatar, Egypt and Saudi Arabia to use Hezbollah's precarious position to break the deadlock in the process of electing Lebanon's new president. The implementation of the plan could have significant ramification for the ongoing geopolitical crisis.
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Spot USD/ILS has been oscillating between gains and losses in the wake of yesterday's in-line BoI rate decision and amid continued focus on geopolitics. The rate trades at 3.7702, 32 pips higher on the day, and bulls still target Aug 6 high of 3.8533. On the flip side, bears look for losses towards and beyond Sep 26 low of 3.6792.

  • The Bank of Israel left the base rate unchanged at 4.50% yesterday, in line with expectations. The discussion focused on the impact of war on Israel's economy, with the central bank cutting its growth forecasts on the assumption that high-intensity military activity will continue at the beginning of 2025.
  • The Washington Post reported that the US is in talks with Qatar, Egypt and Saudi Arabia to use Hezbollah's precarious position to break the deadlock in the process of electing Lebanon's new president. The implementation of the plan could have significant ramification for the ongoing geopolitical crisis.