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USDILS Maintains Upward Bias Ahead of December Inflation Data

ILS
USDILS has maintained its moderate upward bias at the start of the week, with gains this morning seen accelerating through the 3.74 region (where Friday’s highs are found). Wednesday's highs lie slightly further out at 3.7704 and a break of this level would place the pair at its highest since mid-November, with YTD gains already amounting to 3.60%. While there has been no particular driver behind today’s price action, comments from various Israeli officials over the weekend continue to show that no end to the ongoing war is in sight.
  • Nevertheless, Goldman Sachs noted the following on ILS: “The depreciation has been relatively steady, and the Shekel still stands stronger than before the October 7 attacks, and we think that we are still far away from the BoI reconsidering FX interventions. However, if it continues, it could imply that the BoI is more cautious with further rate cuts.”
  • Elsewhere, minutes from the central bank's latest meeting confirmed that the decision to cut rates 25bps to 4.5% was unanimous, though the decision in December had been in-line with the prevailing market consensus (see here). That release precedes CPI data later this afternoon (1630GMT), where the headline figure is seen easing from 3.3% y/y in November to 3.1% in December. The final reading of Q3 GDP data is on the docket tomorrow.
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