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Shekel On Firmer Footing, Israel's CPI Prints Above Forecast

ILS

USD/ILS trades at 3.8087, down 151 pips on the session, with local markets already shut for the weekend. A slide through Aug 24 low of 3.7520 would support the bearish case, while bulls keep an eye on Sep 8 high of 3.8612.

  • Israel's CPI inflation accelerated to +4.1% Y/Y in August from +3.3% prior, exceeding the +4.0% median estimate in a Bloomberg poll of economists. Bank of Israel Governor Amir Yaron recently said that he expects inflation to return to the +1%-3% Y/Y target range by 1Q2024. Weak exchange rate continues to provide an obstacle in bringing inflation back into the tolerance band.
  • On the political front, the High Court delayed a hearing on petitions against Justice Minister Yariv Levin's refusal to convene the Judicial Selection Committee (JSC), which was due to take place this coming Tuesday.
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