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Shekel Appreciates Ahead Of BoI Rate Decision Next Week

ILS

Spot USD/ILS trades on the back foot, holding onto post-NFP losses, with local participants already off for the weekend. The pair deals -160 pips on the day at 3.7872, with bears targeting Aug 24 low of 3.7520. On the topside, attention is drawn to recent cyclical highs at 3.8166/68.

  • The Bank of Israel will deliver its next monetary policy decision at 14:00BST/16:00IDT on Monday. Almost all economists (8/9) polled by Bloomberg expect policymakers to stand pat on the base rate.
  • Ahead of the rate decision, the Globes ran an opinion piece pointing to a tight labour market and significant shekel depreciation as factors putting pressure on the BoI to raise interest rates further.

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