Cautious optimism regarding a cease-fire and Wiz sale strengthen the shekel

ISRAEL - Report 15 Jul 2024 by Jonathan Katz

1. The shekel appreciated sharply as cease-fire expectations have increased, and the sale of Wiz to Google for 23bn USD is also a macro story.

2. The BoI expects only one rate cut in the coming year, but much will depend on the geopolitical risk premium.

3. Fiscal revenues continue to exceed MOF expectations, a positive trend likely to prevent a sharp overshooting of the fiscal deficit target this year, while 2025 will be more challenging.

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