Shekel depreciation increases the likelihood of further tightening

ISRAEL - Report 14 Aug 2023 by Jonathan Katz

1. Pressure for shekel depreciation continues, increasing the likelihood of further monetary tightening.

2. We expect July’s CPI to reach 0.5% m/m on seasonal factors; Q223 GDP is expected to reflect growth of 2.8% saar.

3. The elevated risk premium for Israel has been translated into a weaker currency, while the bond market is still reflecting relative stability.

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