Spot USD/ILS creeps higher for the third day in a row and last deals at ILS3.6156, up 176 pips on the day, with the upswing facilitated by broader greenback strength. Meanwhile, the shekel is the worst EMEA performer as we type.

• From a technical standpoint, the recent recovery shifts the focus back to ILS3.7130, which represents a cyclical high printed on Mar 20. Conversely, renewed losses past the 50% retracement of the Jan 25 - Mar 20 upleg/Mar 28 low at ILS3.5299/3.5287 would encourage bears to seek a deeper sell-off.
• The Jerusalem Post reports that Defence Minister Yoav Gallant may issue an apology to Prime Minister Benjamin Netanyahu as part of a compromise deal to keep his post. The Premier announced that he would sack him for making a televised plea to stop the controversial judicial overhaul. According to the news website, "it is possible that Gallant's apology, and therefore a resolution to the crisis his firing sparked, could come before Sunday."
• Reminder that the Bank of Israel will announce its monetary policy decision at 14:00BST on Monday. All 9 economists polled by Bloomberg expect a 25bp hike to the Base Rate, which would take it to a 16-year high of 4.50%.