Shekel Rallies As Herzog Says Sides Are Close On Agreement Outline For Judicial Reform

Spot USD/ILS sold off sharply as Israel's President Isaac Herzog said that the country was "closer than ever" to reaching an agreed outline for negotiations for a judicial overhaul. Herzog made the comments at an emergency meeting of more than 100 regional politicians.

• The rate last deals at ILS3.6239, down 309 pips on the session, after showing as low as at ILS3.6093. Renewed losses past Feb 23 low of ILS 3.5921 would support the case for a deeper pullback. Meanwhile, bulls will continue to try and force their way through Feb 27 cyclical high of ILS3.6935, located just above the 76.4% retracement of the pair's 2020 - 2021 downleg.
• The political situation in Israel remains tense as extreme-right National Security Minister Ben Gvir said he has intelligence that some of the protesters against the judicial reforms are planning to kill him and Prime Minister Netanyahu. An unnamed police officer told public broadcaster Kan that he was unaware of such intelligence.