Tomorrow, S&P will release an update to Israel’s rating in hopes that Prime Minister Benjamin Netanyahu has managed to convince the agency to keep Israel’s rating unchanged.
The shekel strengthened strongly today against the dollar and against the euro. In early afternoon interbank trading, the shekel-dollar exchange rate is down 1.01% to 3.638/$ and the shekel-euro exchange rate is down 1.22% to NIS 3.974 /€.
On Wednesday, the Bank of Israel set the shekel-dollar representative rate at 0.437% from Tuesday at 3.675 NIS/$, and the shekel-euro representative rate increased by 0.212% to 4.023 NIS/€.
The shekel rebounded strongly today on speculation that a ceasefire with Islamic Jihad will soon be reached despite the successful targeting and assassination of its leaders.
Yesterday, the IMF cut Israel’s growth forecast for 2023 from 2.9% to 2.3% and warned: “Continued uncertainty around judicial reform poses a significant downside risk to growth. Tomorrow, S&P will release an update to Israel’s rating in the hope that Prime Minister Benjamin Netanyahu has successfully persuaded the agency to keep Israel’s rating unchanged despite the uncertainty caused by the planned judicial overhaul. the government.
Next week’s CPI reading for April is expected to be 0.4% to 0.5%, which would see annual inflation dip below 5%. On May 22, the Bank of Israel is expected to raise the interest rate by 0.25% to 4.75%.
Published by Globes, Israel business news – en.globes.co.il – May 11, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
Shekel credit: Shutterstock Vladirina 32