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Shekel Continues To Depreciate

ILS

Spot USD/ILS is advancing again, even as local headline flow has seemed relatively light today. The pair deals +138 pips at 3.7136 at typing, with bulls looking to test Jun 2 cyclical high of 3.7551. On the flip side, the 200-DMA provides the initial layer of support at 3.5568.

  • Anti-judicial overhaul protesters held rallies in front of the homes of several Cabinet Ministers. This comes after Prime Minister Benjamin Netanyahu, Justice Minister Yariv Levin and National Security Minister Itamar Ben Gvir criticised law enforcement authorities for their mild response to the anti-judicial overhaul protests.
  • Elsewhere, Finance Minister Bezalel Smotrich confirmed Israel's commitment to the OECD's plan to promote a unified 15% corporate tax rate.

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