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Shekel Extends Recovery, Work On Judicial Overhaul Continues Full Steam Ahead

ILS

USD/ILS continues to tick away from its recent cyclical high, losing altitude for the third consecutive day. The rate last sits -35 pips at ILS3.6487 and bears look for losses past Mar 9 low of ILS3.5669. On the topside, Mar 20 high of ILS3.7130 remains the key target.

  • The government is pressing ahead with its judicial overhaul despite ongoing street protests. Finance Minister Bezalel Smotrich reiterated that key bills will be passed next week, with the Knesset's legal committee expected to greenlight the main pillar of the reform as soon as today.
  • Israel's trade deficit shrank to $2.619bn in February from the revised $3.011bn prior.

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