Free Trial

Shekel Unwinds Initial Losses, Little On Local Calendar Pre-BoI

ILS

USD/ILS failed to pierce resistance from Aug 21 high (3.8107) and after topping out at 3.8098 lost steam, reversing initial gains amid a gradual pullback in the BBDXY Index. The rate deals at 3.7868, just shy of neutral levels, and a breach of yesterday's low of 3.7520 would raise bearish hopes for a deeper sell-off, possibly towards Aug 2 low of 3.6258. On the topside, a move through 3.81 would bring Mar 17, 2020 high/round figure of 3.8894/4.0000 into play.

  • The Globes reported that Israel is set to benefit from the global military spending spree, with the country's political leaders seemingly banking on defence deals as one of the key drivers of economic growth.
  • The local economic docket is virtually empty ahead of the Bank of Israel's monetary policy decision on September 4.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.