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Shekel Remains Under Pressure, Recent Cyclical Lows In Sight

ILS

Spot USD/ILS trades +168 pips at ILS3.6794, as the shekel remains the weakest EMEA performer on the day. The government's controversial judicial reform continues to steal the limelight domestically, with the Times of Israel reporting that Justice Minister Levin has no intention of pausing the legislative process.

  • The rate is yet to test yesterday's peak at ILS3.6837 as it advances for the third consecutive day. Bulls continue to target Feb 27 high of ILS3.6935 and a break here would confirm the strength of underlying topside momentum. Bears need a pullback under Mar 9 low of ILS3.5669 to look for a deeper reversal.
  • Looking ahead, the Bank of Israel will publish its monthly CPI inflation forecast on Monday. Data earlier this week showed that consumer inflation eased to +5.2% Y/Y in February from +5.4% prior versus +5.0% expected.
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