Shekel On Back Foot, USD/ILS Climbs To One-Week High

Spot USD/ILS has added 201 pips to last trade at ILS3.6259 amid risk-off sentiment fanned by the collapse of the Silicon Valley Bank. The shekel remains vulnerable due to domestic political risks, with the rate printing its best levels in a week.

• From a technical standpoint, bulls set their sights on the cyclical peak lodged on Feb 27 at ILS3.6935. Conversely, bears look for a sell-off past the 23.6% retracement of the Aug - Jan rally/Mar 9 low at ILS3.5740/3.5669.
• The Knesset will hold a first-reading vote on a bill restricting the High Court's ability to scrutinise legislation and to suspend the Prime Minister from office tonight as part of the government's wider judicial overhaul. Meanwhile, President Isaac Herzog met Simcha Rothman, one of the key legislator behind the controversial judicial reforms, as he keeps lobbying for a compromise deal.