An unexpected move by the Israeli central bank with only 3 economists predicting a move while 18 said no change was coming.
They point to a decline in the inflation environment this month and a weakness in goods exports and private consumption while saying that the shekel’s strength is weighing on growth.
The currency spike to 3.4376 but has fallen back to 3.4298
USD/ILS hourly chart 28 07 2014
CPI has been on a similar path to Europe this year with inflation at 0.5% y/y from 1.8% at the end of 2013
