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Shekel Erases Tuesday's Gain, Israel's 10-Yr Breakeven Inflation Rate Slumps

ILS

The shekel struggles for any topside impetus, with USD/ILS trading +141 pips at ILS3.6591 after it fully reversed yesterday's losses. A move through Apr 12 high of ILS3.6934 would bring Mar 20 high of ILS3.7130 into play. Conversely, bears look for losses past the 50-DMA, which kicks in at ILS3.6112.

  • Local-currency bonds are slightly firmer, with 10-year inflation breakeven rate tumbling 21bp to a new three-month low.
  • The average 12-month ahead inflation forecast of Israeli banks and economic consultancies was +3.0% Y/Y in the BoI's April survey, while expectations based on the interest rates of five large banks were +3.1 Y/Y. This represents a downtick of 0.1pp across both figures relative to the survey conducted a month earlier.
  • Separately, Israel's consumer confidence deteriorated to 74 in March from 85 prior.
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