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Shekel Stays On Back Foot With Political Risk Aplenty

ILS

Spot USD/ILS operates slightly above neutral levels after printing a new one-week high at ILS3.6522, with domestic political developments still at the forefront. The rate last deals +62 pips at ILS3.6253, with bulls looking for a move towards Jun 2 cyclical high of ILS3.7551. On the downside, bears keep an eye on the 200-DMA, which kicks in at ILS3.5507.

  • The government is reportedly preparing to advance legislation that would strip the Bar Association of its key powers after an unfavourable outcome of election for the association's head.
  • Meanwhile, the combination of tensions surrounding the government's judicial overhaul plan, fractures within the ruling coalition, and various security concerns continue to provide a sense of concern.
  • Channel 12 reported that National Security Minister Itamar Ben Gvir was left out of a security assessment after a recent attack in the West Bank as certain coalition officials cited lack of trust in the far-right politician.
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