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How $801M Moved the Shekel: FX Intervention Explained
On June 4, 2026, the Bank of Israel dropped $801 million in a single day buying shekels to counter what it called “speculative volatility.” Was that a lot? In the global FX market—which turns over $7.5 trillion daily—it’s a rounding error. But in the USD/ILS pair, which sees just $5-7 billion a day, that $801M represents 12-15% of daily volume. This episode breaks down who the real players are (global macro hedge funds, asset managers like BlackRock, corporate treasuries, and HFT firms), how much capital it actually takes to move a mid-sized currency by 1-2%, and why the line between…
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