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Bank of Israel slashed investors' hope that it will deploy unconventional policy measures to boost economy and inflation.
- Bank of Israel (BOI) left policy rates unchanged as expected at 0.1%, however comments at press conference resulted massive rally in Shekel.
- BOI governor Karnit Flug ruled possibility of further easing saying that it is less likely for the bank to use unconventional policies in near future and policy already remains very accommodative.
US dollar dropped to as low as 3.75 against Israeli Shekel after the comments, however currently trading at 3.78, down more than 1% still. These levels were not seen since June 2014.
With US federal reserve pushing rate hike deeper into future and bank of Israel slashing hopes for further policy easing through unconventional policies such as quantitative easing, Israeli Shekel is likely to remain well bid against dollar.
