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Shekel Underperforms EMEA Peers

ILS

The shekel lags all its EMEA peers but USD/ILS is yet to test yesterday's high. The pair last trades +143 pips at ILS3.6591 after printing best levels of the session at ILS3.6617. A break above Apr 12 high of ILS3.6934 would give bulls a green light for targeting Mar 20 high of ILS3.7130. On the flip side, sales past the 50-DMA (ILS3.6141) would fuel bearish hopes for a deeper retreat.

  • Israel's 10-year breakeven inflation rate has ticked away from three-month lows printed yesterday at 2.52% and last sits at 2.55%.
  • Prime Minister Benjamin Netanyahu played down the importance of the Saudi-Iranian rapprochement, noting that it has "very little" to do with Israel, while Foreign Minister Eli Cohen said that a visit to Riyadh "was on the table."

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