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Shekel Plunges To Worst Levels Since March 2020

ILS

Spot USD/ILS hit its best levels since the outbreak of the COVID-19 pandemic, topping out at 3.8753 today. The shekel trades on the back foot despite positive performance across most of EMEA FX space, with the Israeli currency sitting at the bottom of the pile.

  • The pair last deals +98 pips at 3.8600. From a technical standpoint, the next key target on the topside is provided by Mar 17, 2020 high of 3.8894. On the flip side, the focus falls on the 20-EMA at 3.8238.
  • Intra-government tensions keep bubbling as United Torah Judaism (UTJ) leader threatened to resign if the coalition fails to legislate for Haredi draft exemptions when the Knesset reconvenes later this month.
  • Israel's economic docket for the coming few days is virtually empty.

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