Bank of Israel Governor Yaron: In view of recent developments that indicate a significant increase in geopolitical uncertainty, the Monetary Board decided to proceed with caution and keep interest rates unchanged.

Bank of Israel Governor Yaron: Although economic activity is gradually improving, there is still a long way to go before a full recovery.

Bank of Israel Governor Yaron: We have witnessed the resilience of the Israeli economy since the start of the new round of conflict; geopolitical uncertainty remains high and has increased recently.

Both U.S. and Brent crude oil prices rose by more than $0.5 in the short term and are now trading at $85.94 per barrel and $90.18 per barrel respectively.

The Israeli new shekel gained 2% to 3.68 per dollar after the Bank of Israel kept interest rates unchanged.

Sebastian Barrack, head of commodities at Citadel: OPEC has clearly regained control of the oil market.

Sebastian Barrack, head of commodities at Citadel: If OPEC does not increase supply, the crude oil market will be very tight and high oil prices will hurt the market.

Central Bank of Israel: The fiscal deficit is expected to account for 6.6% of GDP in 2024 and 4.6% of GDP in 2025.

Central Bank of Israel: Inflation is expected to be 2.3% in 2025 (previously expected to be 2.0%).

Bank of Israel: Inflation is expected to be 2.8% in the next year (previously expected to be 2.4%).

Bank of Israel: The benchmark interest rate is expected to be 3.75% in one year (previously expected to be 3.75%-4.0%).

The Australian dollar against the U.S. dollar AUD/USD stood above 0.66, up 0.33% on the day.

Bank of Israel: Inflation expectations for the next year have increased slightly and are at the upper limit of the target range.

Bank of Israel: Given the impact of military operations, forecast results are highly uncertain.

Bank of Israel: The research department expects the gross domestic product (GDP) to grow by 5% in 2025.

Bank of Israel staff forecast that the Israeli economy will grow by 2.0% in 2024 (previously expected to be 2.0%).

Bank of Israel: GDP fell by 5.6% in the fourth quarter of 2023 compared to the third quarter of 2023.

Bank of Israel: The interest rate path will be determined by whether inflation continues to be close to target, and whether financial markets, economic activity and fiscal policy continue to be stable.

Spot gold rebounded by $6 in the short term and is now trading at $2,329 per ounce.

Spot palladium rose more than 2.00% during the day and is currently trading at $1,024.00 per ounce.