MAS Holds Monetary Policy Steady as Strong Growth Raises Inflation Risks 
RBA Expected to Raise Interest Rates by 25 Basis Points in February, ANZ Forecast Says 
BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
BOJ Rate Decision in Focus as Yen Weakness and Inflation Shape Market Outlook 
The US dollar was up against the shekel yesterday, against global trends. The rise probably stemmed from the intervention of the Bank of Israel which is trying to halt the sharp appreciation of the shekel in recent weeks and the risk posed to Israeli exporters.
The appreciation pressure on the currency is quite strong. USD-ILS had declined all the way to 3.73 in late April, while the EUR-ILS has been more stable this year. The fall in USD-ILS comes despite the central bank intervening by $1.2bn during the month.
"In our view, BoI's FX interventions will only create near-term reversals and not make a dent into the primary trend. In order to stem appreciation pressure over the medium-term, BoI would have to drop interest rates to negative, which the CB resists. We see USD-ILS at 3.70 by year-end." said Commerzbank in a report.
