Shekel Appreciation Continues Despite Progress In Judicial Overhaul

The shekel's appreciation trend continues even as the government keeps pressing ahead with its judicial overhaul, which has seemingly been discounted by the market. USD/ILS has shed 152 pips and last deals at 3.5875, with bears setting their sights on the 200-DMA, which intersects at 3.5647.

• The Knesset House Committee agreed to an additional plenum day on Sunday, with Constitution Law and Justice Committee head set to present the "reasonableness" bill, which is a key element of the judicial overhaul. The debate is expected to last until noon on Monday, with the vote due to take place thereafter.
• US President Biden told the NYT that Israel should slow its judicial reforms and refrain from passing "anything this important without a broad consensus" or "break something with Israel’s democracy and with your relationship with America’s democracy." This comes amid a busy week for US-Israeli relations, with Biden speaking with PM Netanyahu over the phone and hosting President Herzog in the White House.