Credit upgrade likely to be positive for markets/shekel this week

ISRAEL - Report 06 Aug 2018 by Jonathan Katz

Israel's credit upgrade to AA- (S&P) will support some modest shekel appreciation and lower bond yields in the short run, but this is likely to be temporary. We see some slack in the labor market, with the number of unemployed moving higher and job vacancies lower. The bigger driver of inflation will come from a weaker shekel due to widening rate differentials with the US.

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