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Shekel Stays Afloat, CPI On Tap Tomorrow

ILS

Spot USD/ILS respects the boundaries of yesterday's range, last dealing at 3.8253. A break above Sep 8 high of 3.8612 would suggest that the recent bull trend is intact. Bears look for a dip through Aug 24 low of 3.7520.

  • National Security Minister Ben Gvir suspended his support for the ruling coalition. The move will have no impact on legislation for now, with the Knesset currently in recess, but it highlights ongoing tensions within the coalition.
  • BNP wrote that they stay bullish on the shekel and see it supported by the fundamentals, noting that it has the "cheapest valuation" in the EM FX complex.
  • Israel's current account surplus narrowed to $4.163bn in Q2 from $4.967bn, data released this morning showed.
  • The latest CPI readings will be published tomorrow. Bloomberg consensus looks for an acceleration in headline inflation to +4.0% Y/Y from +3.3%.
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