Mary Daly Says AI Uncertainty Clouds Fed Rate Outlook Despite Restrictive Policy 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
BoE Policymaker Alan Taylor Signals No Need for Interest Rate Hike Amid Iran War Inflation Risks 
RBA Expected to Hold Interest Rates at 4.35% as Markets Watch AUD/USD and ASX 200 
Taiwan Central Bank Likely to Keep Interest Rates Unchanged Through 2027 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
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.
