It is an interesting time politically in the Middle East, which seems to generate a constant stream of drama.
Despite the upheaval, the Israeli shekel has been one of the world's best-performing currencies against the U.S. dollar. This year it is up 7.2 percent. Just to compare, the Canadian dollar is the top-performing G10 currency but it is only up 3.5 percent on the year. This stellar performance from the shekel is a little bit surprising when you consider the political situation.
In April of this year, Israel held an election where the ruling Likud party leader Benjamin Netanyahu received a mandate from the president to form a governing coalition. Netanyahu failed to do it, which led to another election in September. This time around, the two largest parties, the Blue and White party and the Likud party, received a comparable number of seats in the Israeli parliament, with Blue and White securing 33 seats and Likud securing 32. But the mandate was given to Netanyahu again, because he was perceived to have had a higher chance to form a coalition.
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This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. This report is not a recommendation or an offer or solicitation to buy or sell any financial instrument discussed. It is not specific investment advice. Financial instruments discussed may not be suitable for the reader. Readers must make independent investment decisions based on their own investment objectives and financial situations. Prices and financial instruments discussed are subject to change without notice. Instruments denominated in a foreign currency are subject to exchange rate and other risks. City National Bank (and its clients or associated persons) may engage in transactions inconsistent with this report and may buy from or sell to clients or others the financial instruments discussed on a principal basis. Past performance is not an indication of future results. This report may not be reproduced, distributed or further published by any person without the written consent of City National Bank. Please cite source when quoting.
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