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Shekel Remains EMEA Underdog, Judicial Reform Crisis Remains In Spotlight

ILS

Spot USD/ILS stabilises just shy of session highs (ILS3.6837) and last deals +300 pips at ILS3.6668, with the shekel remaining the worst EMEA performer today. The wider technical picture remains unchanged from our previous update.

  • During a joint press conference with German Chancellor Olaf Scholz, Israeli Prime Minister Benjamin Netanyahu urged the opposition to sit down for talks on judicial reforms and said that he will decide on the way forward after his return to Israel.
  • The leaders of four major Israeli opposition parties will release a joint statement this evening and are expected to comment on the judicial overhaul and President Herzog's compromise proposal for a judicial framework.
  • Israel's 5-year CDS continue to print higher highs, rising to 56.99bp yesterday.

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