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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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.