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Shekel Appreciates, Trimming Weekly Loss

ILS

The shekel is getting some reprieve after a difficult week, even as the backlash against the government's judicial reforms continues. USD/ILS last deals at 3.6999, 247 pips lower on the day. The 200-DMA provides the initial bearish target at 3.5692. On the topside, bulls look for a clean break above Jun 30 high of 3.7308 before targeting Jun 2 high of 3.7551.

  • S&P Global Ratings warned that "persisting political uncertainty will combine with weaker economic performance in Israel's key trading partners in Europe and the US as well as tighter monetary policy, causing Israeli economic growth to slow."
  • The Times of Israel recirculated a report from Yedioth Ahronoth suggesting that Defence Minister Yoav Gallant was considering pushing for a unity government with opposition party leaders Yair Lapid and Benny Gantz.

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