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Shekel Struggles For Gains, Judicial Overhaul Remains Under Scrutiny

ILS

Spot USD/ILS trades near neutral levels, with the shekel lagging behind all its EMEA peers except the Turkish lira. The rate last deals at ILS3.6252, with bulls looking for gains towards Jun 2 high of ILS3.7551. On the flip side, the focus falls on the 200-DMA, which kicks in at ILS3.5526.

  • Prime Minister Netanyahu has reportedly taken the decision last night to "go all the way" with advancing a bill to remove judicial review of the "reasonableness" of government decisions. No final decision has reportedly been made on whether to advance other parts of the judicial overhaul plan before the Knesset goes on summer recess.
  • Israel's unemployment rate stayed at 3.6% in May. Broad unemployment rate, which accounts for the effects of COVID-era measures, ticked higher to 4.1% from 3.9%.

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