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Shekel Extends Gains Despite Monday's BoI Dovish Hike

ILS

USD/ILS remains under pressure despite yesterday's dovish hike from the Bank of Israel and the continuation of the shadow conflict between Israel and Iran in Syria. The rate has shed 198 pips and last deals at ILS3.5656, having a look below its 50-DMA (ILS3.5662). Further losses past Mar 28 low of ILS3.5287 would support the bearish case. Bulls look for a recovery towards Mar 20 high of ILS3.7130.

  • The Bank of Israel raised the base rate by 25bp to 4.50% but tweaked its forward guidance (to "the interest rate path" from "the pace of raising the interest rate") and warned against the negative consequences of the government's judicial overhaul.
  • The past week saw several strikes on Syrian territory attributed to the Israeli Defence Forces which comes as a suspected Iranian UAV was shot down after crossing the Israeli border on Monday.
  • Israel's foreign reserves increased to $200.5bn last month from $196.3bn prior, reaching 38.4% of GDP, according to an update from the central bank.
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