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ILS: Shekel Tad Firmer, BoI Rate Decision Eyed Wednesday

ILS
EM BulletBulletGlobalEmerging Market NewsMiddle EastRegion

USD/ILS trades at 3.7836, 117 pips lower on the day, holding the previous trading day's range so far. Bears look for a move through Sep 26 low of 3.6792. conversely, bulls look for a rebound above Aug 6 high of 3.8533.

  • The Bank of Israel is expected to keep the base rate unchanged at 4.50% on Wednesday, according to all 15 economists polled by Bloomberg. The escalation in Israel's conflict with its regional foes, which pushes the risk premium higher, and the uncertainty around the outlook, are expected to encourage the central bank to stand pat. On the other hand, Deutsche Bank (as quoted by the Globes) wrote that they "do not completely rule out an interest rate increase" and in case of a further deterioration of the geopolitical situation, "concerns for financial stability - probably mainly through selling pressure on the exchange rate - suggest that the door remains open to an additional increase."
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USD/ILS trades at 3.7836, 117 pips lower on the day, holding the previous trading day's range so far. Bears look for a move through Sep 26 low of 3.6792. conversely, bulls look for a rebound above Aug 6 high of 3.8533.

  • The Bank of Israel is expected to keep the base rate unchanged at 4.50% on Wednesday, according to all 15 economists polled by Bloomberg. The escalation in Israel's conflict with its regional foes, which pushes the risk premium higher, and the uncertainty around the outlook, are expected to encourage the central bank to stand pat. On the other hand, Deutsche Bank (as quoted by the Globes) wrote that they "do not completely rule out an interest rate increase" and in case of a further deterioration of the geopolitical situation, "concerns for financial stability - probably mainly through selling pressure on the exchange rate - suggest that the door remains open to an additional increase."