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Shekel Extends Recovery, FX Reserves Data On Tap

ILS

Spot USD/ILS continues to trade with bearish bias and is close to unwinding the entirety of gains registered since the outbreak of the Israel-Hamas war. The pair last deals at 3.8761, down 153 pips on the session, probing the water below the 23.6% retracement of the Aug 12, 2022 - Oct 30, 2023 upleg.

  • Israel's FX reserves data will cross the wires later today. They fell to $198.56bn in September, before the announcement of extraordinary measures in response to the outbreak of the Hamas offensive exactly a month ago and the subsequent outbreak of the war in Gaza.
  • BoI minutes released yesterday showed that there was a perception among MPC members that ILS depreciation "was a main risk to the convergence of inflation to the target even in the months before the eruption of the war".
  • Prime Minister Benjamin Netanyahu told ABC that security control over Gaza will likely be kept in place for an "indefinite" period, even after fighting ends. It is unclear what a long-term "security control" would involve.
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