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Shekel Pauses Rally, USD/ILS Sits Near Worst Levels In Two Months

ILS

Spot USD/ILS stabilises after another leg lower this week, which resulted in a breach of the 3.60 figure. The pair last sits at 3.5769 and bears now look for losses past Dec 25 low of 3.5223 and the round figure of 3.50. Conversely, a break above the 3.70 area, which capped gains on multiple occasions in February, would be an encouraging signal for bulls.

  • The Bank of Israel's decision to keep interest rates unchanged on Monday and give a cautious spin to its easing bias likely contributed to the shekel's recent gains.
  • US President Biden said that the Israel-Hamas ceasefire agreement he was hoping for is unlikely to take effect on Monday as originally planned.

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