The FX market likely to react to lower CA surplus in Q3

ISRAEL - Report 10 Dec 2018 by Jonathan Katz

Wage growth accelerated in September, reaching 4.4% y/y, supportive of some inflationary pressure. The fiscal deficit reached 3.5% of GDP in LTM as tax revenues remain soft in November. Today, the protocol from the most recent rate decision will be released, revealing how hawkish the MPC is leaning at the moment. We expect a decline in the CA surplus in Q318 (to be released on Thursday), which is likely to impact the FX market.

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