External fundamentals continue to support a strong shekel

ISRAEL - Report 15 Jun 2020 by Jonathan Katz

The current account surplus increased in Q120, supportive of a strong shekel. Credit card purchases declined in the first week of June, following strong growth in May. Consumer confidence improved in May, supportive of household demand. We expect inflation in May to reach 0.1% m/m and possibly zero.

Important data this week: Today: CPI. Tuesday: New home sales (April), job vacancies (May), and the second estimate for Q120 GDP, Thursday: residential starts and completions for Q120.

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