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Shekel Holds Onto Last Week's Gains

ILS

Spot USD/ILS oscillates near neutral levels, last at 3.6905, consolidating last week's gains. From a bearish perspective, renewed losses towards Dec 25 low of 3.5223 would be considered a success. On the flip side, bulls look for a recovery towards Jan 17 high of 3.8000 and the nearby 50% retracement of the Oct 30 - Dec 25 downleg located at 3.8097.

  • Reuters ran comments from S&P's Maxim Rybnikov, who said that the probability of a rating downgrade for Israel over the next one-two years is "at least a one-in-three". Rybnikov noted that "Israel's sovereign credit rating could be cut if the war with Palestinian Islamist group Hamas expands to other fronts".
  • Israel's PM Benjamin Netanyahu said that Paris talks involving Israel, the US, Qatar and Egypt were "constructive" but "there are still significant gaps" that need to be addressed. The four nations discussed a potential deal to free Israeli hostages held by Hamas in exchange for a ceasefire.
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