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USD/ILS Spikes on Renewed Regional Tensions,

ISRAEL
  • Markets note a leg higher in USD/ILS in recent trade - no clear headlines to drive the move across major wires or social media at present, but will update. Chief of Staff for the IDF was on the wires earlier today noting Iranian nuclear advancement, but nothing too outside of expectations
  • Potential for a ratcheting higher in geopolitical tensions after the comments from the IDF chief (“There are possible negative developments on the horizon that could lead to action. We have capabilities and others have capabilities”)
  • Worth noting the Knesset tonight are set to begin voting on Israel's 2023-2024 national budget at approximately 9:30 pm local time - set to continue through the night after last-minute challenges were overcome.
  • Initial move higher starting to retrace, rate back to 3.6850 having touched 3.7083 at the high.

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