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Shekel Slips As Dust Settles After Politically Explosive Start To Week

ILS

Spot USD/ILS continues to move away from multi-week lows printed earlier this week as Prime Minister Netanyahu paused his judicial overhaul. The rate last sits +158 pips at ILS3.5884 after returning above Mar 9 low of ILS3.5669, which points to a failure of a double top pattern. Bulls now look for a re-test of Mar 20 high of ILS3.7130. Conversely, bears look for renewed sales past the 50-DMA (3.5538) and the 50% retracement of the Jan 25 - Mar 20 upleg/Mar 28 low (ILS3.5299/3.5287).

  • Defence Minister Gallant's fate is in the air as some senior Likud figures are reportedly trying to convince the Premier to walk back on his earlier decision to sack Gallant. Their call has been backed by opposition National Unity leader Benny Gantz, with Gallant reportedly mulling a compromise deal to keep his post.

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