Shekel Holds Tight Range, Unemployment Data & CPI Forecast Due
Spot USD/ILS has stabilised today, respecting the confines of the previous trading day's range. The rate last deals +92 pips at 3.7277, with bulls initially looking to a rebound above the 50-EMA at 3.8750. On the flip side, a move through 3.70 would allow bears to take aim at the 38.2% retracement of the 2021 - 2023 upleg at 3.6937.
- Finance Minister Bezalel Smotrich voiced his support for keeping Amir Yaron for another five-year term as Bank of Israel Governor. Yaron's current term is set to expire on December 23 but he has agreed to stay on as acting Governor amid the ongoing war against Hamas. Earlier this year, Yaron's re-appointment had been cast into doubt amid his criticism of the government's controversial judicial overhaul.
- Israel will report October unemployment rate at the top of the hour. Elsewhere, the central bank will release its latest CPI forecast at some point today.