Signs of FX intervention tapering support shekel appreciation

ISRAEL - Report 12 Apr 2021 by Jonathan Katz

* Pressure for shekel appreciation is mounting as the economy recovers rapidly (hi-tech services and IPOs are surging) and the BoI reduces FX intervention.

* Business sector confidence improved sharply in March, with orders increasing in industry and services.

* We expect March CPI to reach 0.5% (0.1% y/y), in line with market consensus.

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