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Shekel Reverses Opening Losses On Potential For Judicial Overhaul Halt

ILS

The shekel has started the week with heightened volatility as the weekend brought an apparent breakthrough in Prime Minister Netanyahu's judicial overhaul. Local media outlets reported that the Premier was planning to halt the legislation after his decision to fire Defence Minister Gallant added fuel to street protests. Netanyahu is expected to deliver a statement at the top of the hour.

  • Spot USD/ILS opened sharply higher, only to quickly reverse its initial gains to last trade -20 pips at ILS3.5805. Bears look for a sustained move through Mar 9 low of ILS3.5669, as well as the 50-DMA (ILS3.5438) which limited losses on Mar 23.
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