The shekel will react to progress surrounding a possible Saudi deal

ISRAEL - Report 26 Sep 2023 by Jonathan Katz

1. The shekel appreciated last week, in part due to optimism regarding a possible normalization of relations with Saudi Arabia.

2. If this trend continues it will increase the chances of a rate-hold decision on October 23.

3. The labor market remains tight, with unemployment down and job vacancies up slightly.

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