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Shekel Corrects Recent Recovery

ILS

Spot USD/ILS snaps its six-day losing streak and posts gains for the first time this month. The pair last sits +134 pips at 3.8517, with bulls looking for a recovery above the 4.00 mark. Bears eye the 38.2% retracement of the Aug 12, 2022 - Oct 30, 2023 rally at 3.7496 for initial support. Today's move allows the RSI to move away from the 30 "oversold" threshold, with which the index flirted yesterday.

  • The IDF said that it captured a key Hamas stronghold known as outpost 17, while Defence Minister Yoav Gallant said that the Israeli troops were "in the heart of Gaza City" as Israel continues its ground offensive against Hamas.
  • Xinhua ran a source report suggesting that Israel was considering a proposal made by Egypt and Qatar to pause the fighting in the Gaza Strip if Hamas releases hostages, but the piece has not yet gained broader traction.
  • Israel's consumer confidence data for October will cross the wires at 11:00GMT.

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