BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
BOK Expected to Hold Rates at 2.50% as Housing and Currency Pressures Persist 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Fed Officials Split as Powell Weighs December Interest Rate Cut 
BOJ Seen Moving Toward December Rate Hike as Yen Slides 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
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.
