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Shekel Tad Weaker, Geopolitics In Focus

ILS

Morning trade has seen an uptick in spot USD/ILS, which last changes hands +143 pips at 3.7578. A break above Apr 12 high of 3.7775 would allow bulls to set their sights on Jan 17 high of 3.8000 again. Bears look for losses past Apr 8 low/100-DMA at 3.6764/35. The TA-35 Index opened on a softer footing today, but has been clawing back losses, although it still sits 0.2% below neutral levels.

  • The Israeli War Cabinet will convene later today for another round of discussions response to Iran's attack from over the weekend. An Israeli official told the FT that "the intent is to send a painful message to Iran," even as Israel has taken into consideration the concerns of its allies. Separately, the NBC reported that the US expects Israel's retaliation to target proxies outside of the Iranian territory.
  • Data yesterday showed that Israeli CPI topped expectations, accelerating to +2.7% Y/Y in March from +2.5% prior. In addition, prices grew 0.6% M/M versus +0.5% expected.
  • Israel's final Q4 GDP reading will cross the wires at 11:00BST/13:00IST.
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