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- USD/ILS: Shekel to rebound from weaker levels when conflict de-escalates – MUFG
USD/ILS: Shekel to rebound from weaker levels when conflict de-escalates – MUFG
The Shekel has weakened sharply in response to the conflict between Hamas and Israel. Economists at MUFG Bank analyze ILS outlook.
Move above 4.00 level likely to prove short-lived
Recent history suggests ILS can weaken further during the conflict.
BoI intervention will help to dampen the scale of ILS sell-off.
ILS weakness could make BoI cautious about cutting rates as market expects.
Levels above 4.00 for USD/ILS have proven short-lived since the GFC. We expect ILS to rebound from weaker levels once conflict de-escalates.
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