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ILS: Shekel Soars On Easing Geopolitical Concerns

ILS
EM BulletBulletGlobalEmerging Market NewsMiddle EastRegion

The limited, measured nature of Israel's retaliation against Iran put a bid into the shekel, making it the best performer among all 151 currencies tracked by Bloomberg. Spot USD/ILS trades at 3.7270 (645 pips or 1.7% lower on the session), with bears targeting Oct 18 low of 3.7024. Conversely, bulls see Oct 4 high of 3.8309 as a key near-term target.

  • The IDF's strikes against Iran were limited to military targets, with press reports suggesting that Israel warned Iran in advance via third parties about the details of its incoming attack. In addition, Israel refrained from hitting Iranian oil facilities and nuclear sites, while also seeking to keep the number of casualties as low as possible in a bid to avoid escalation.
    • Iranian Foreign Ministry Spokesman Esmaeil Baghaei said that "the nature of our response will correspond to the type of the attack carried out" and added that "we showed restraint at various times for the greater good," but "this restraint has been misinterpreted."
  • Israel bond yields are lower across a steepened curve. The TA-35 Index rallied on Sunday but then pared gains and has continued to lose altitude today, last sitting a touch lower on the session.
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The limited, measured nature of Israel's retaliation against Iran put a bid into the shekel, making it the best performer among all 151 currencies tracked by Bloomberg. Spot USD/ILS trades at 3.7270 (645 pips or 1.7% lower on the session), with bears targeting Oct 18 low of 3.7024. Conversely, bulls see Oct 4 high of 3.8309 as a key near-term target.

  • The IDF's strikes against Iran were limited to military targets, with press reports suggesting that Israel warned Iran in advance via third parties about the details of its incoming attack. In addition, Israel refrained from hitting Iranian oil facilities and nuclear sites, while also seeking to keep the number of casualties as low as possible in a bid to avoid escalation.
    • Iranian Foreign Ministry Spokesman Esmaeil Baghaei said that "the nature of our response will correspond to the type of the attack carried out" and added that "we showed restraint at various times for the greater good," but "this restraint has been misinterpreted."
  • Israel bond yields are lower across a steepened curve. The TA-35 Index rallied on Sunday but then pared gains and has continued to lose altitude today, last sitting a touch lower on the session.