Fundamentals will continue to support appreciation

ISRAEL - Report 15 Mar 2021 by Jonathan Katz

* Both consumer confidence and consumption have rebounded sharply since mid-February on rapid vaccination and the opening-up of the economy.

* The combination of the CA surplus and net FDI reached a record level of 10% GDP in 2020; macro fundamentals remain shekel positive.

* Residential housing completions have lagged household growth, which is supportive of higher housing (and rental) prices.

* We expect February’s CPI to reach 0.1% m/m as prices of housing rentals (y/y) and durable goods move higher.

* In January, foreign investors boosted their share of domestic government bonds to 9.2% from 7.3% in December.

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