Free Trial

USD/ILS Remains Above 4.0, Central Bank Flags Focus On FX Stabilisation

ILS

Spot USD/ILS consolidates above the 4.00, last operating at 4.0206, barely changed on the day. The pair continues to operate close to recent cyclical highs, holding a relatively tight range amid the BoI's stabilisation measures. Technically, the initial layer of resistance is provided by Mar 20, 2015 high of 4.0682.

  • President Joe Biden arrived in Israel in a show of solidarity amid the ongoing conflict with Palestinian militants. The POTUS backed Israel's account of the cause behind a deadly explosion at al-Ahli hospital in Gaza, noting that evidence suggests that "it was done by the other team," and not Israel.
  • Fitch placed Israel on rating watch negative (RWN), which "reflects the heightened risk of a widening of Israel's current conflict to include large scale military confrontations with multiple actors, over a sustained period of time". This comes after Moody's postponed its latest rating review at the eleventh hour.
  • Ahead of next Monday's Bank of Israel monetary policy decision, Deputy Governor Andrew Abir said that the central bank is focusing on stabilising the FX market. He added that policymakers want to ensure "that the other monetary policy tools will not pose a challenge to this aim in the immediate term".

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.