Despite BoI intervention, pressure for appreciation continues

ISRAEL - Report 14 Dec 2020 by Jonathan Katz

Macro fundamentals continue to support a shekel appreciation; we expect an increase in the CA surplus in Q320. In September-November, both industrial exports and imports expanded rapidly, reflecting strong growth in these sectors. Economic indicators point to softer consumption in December, following strong growth in November. We expect November’s CPI to reach -0.2% m/m (-0.6% y/y), in line with consensus.

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