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Shekel Lags After Herzog's "People's Framework" Gets Snubbed By Gov't

ILS

Israeli shekel underperforms its EMEA peers after the government rejected President Herzog's proposed judicial framework. Spot USD/ILS trades +123 pips at ILS3.6492, with bulls targeting Feb 27 high of ILS3.6935. Bears look for a slide through Mar 9 low of ILS3.5669.

  • One-week implied volatility has advanced after easing off cyclical highs in the recent days, while one-year tenor has extended gains to a new monthly peak. One-month implied volatility is little changed.
  • Herzog commented this morning that he accepts constructive criticism of his compromise proposal and sees it as a starting point for further talks rather than the end of the discussion.
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