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Shekel Loses Ground Amid Escalation Of Violence In Gaza Strip


USD/ILS has tracked the BBDXY index higher and last deals +159 pips at ILS3.6362, snapping a six-day losing streak and returning above its 50-DMA. From a technical standpoint, bulls would like to see gains towards Apr 12 high of ILS3.6934 and Mar 20 high of ILS3.7130. Bears set their sights on Mar 28 low of ILS3.5287.

  • USD/ILS implied volatilities have eased off across the maturity curve. One-month tenor has slipped below 10% and sits at its worst levels since late January.
  • A foreign national was seriously injured and two others were lightly hurt after a barrage of 22 rockets was fired from the Gaza Strip. The attack came after a senior leader of the Palestinian Islamic Jihad died in prison following an 86-day hunger strike. The IDF retaliated by ordering tank attacks against targets in the Gaza Strip.
  • Looking ahead. Israel's unemployment data for March will be released on Thursday.

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