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ILS: Shekel On Back Foot, Geopolitics Stay Front And Centre

ILS
EM BulletBulletGlobalEmerging Market NewsMiddle EastRegion

Spot USD/ILS advances amid a 0.3% upswing in the BBDXY Index representing wider greenback strength. However, the shekel has suffered deeper losses against the USD than any of its EMEA peers as geopolitical concerns continue to linger.

  • The rate last deals at 3.7954, up 158 pips on the day. A break above the nearby Sep 24 high of 3.8034 would support the bullish case. Bears look for a pullback towards Sep 26 low of 3.6792.
  • There is continued uncertainty around the nature of Israel's potential retaliation against the latest Iranian missile strike, with US President Biden noting that he would be opposed to an attack on Iranian nuclear sites and calling for a "proportional" response. Channel 12 reported that the Israeli war cabinet wants to consult with the US before making decisions.
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Spot USD/ILS advances amid a 0.3% upswing in the BBDXY Index representing wider greenback strength. However, the shekel has suffered deeper losses against the USD than any of its EMEA peers as geopolitical concerns continue to linger.

  • The rate last deals at 3.7954, up 158 pips on the day. A break above the nearby Sep 24 high of 3.8034 would support the bullish case. Bears look for a pullback towards Sep 26 low of 3.6792.
  • There is continued uncertainty around the nature of Israel's potential retaliation against the latest Iranian missile strike, with US President Biden noting that he would be opposed to an attack on Iranian nuclear sites and calling for a "proportional" response. Channel 12 reported that the Israeli war cabinet wants to consult with the US before making decisions.