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4% in 2011 and 2012 respectively, though it cautions that appreciatory pressures on the shekel pose downside risks to growth forecasts.
We remain largely neutral on the Malaysian ringgit against the US dollar with a slight appreciatory bias over the coming years.
ClickPress, Mon Aug 26 2013] We expect further appreciatory pressure on the Thai baht, which will negatively impact the country's exports over the course of the current year.
The report believes that on balance the fundamentals for the Russian rouble remain appreciatory and the research looks for the unit to reach or get near to RUB32.
Downside Risks To Real Growth Forecasts: A hard landing in the Chinese economy would weigh heavily on global trade volumes, and spur further appreciatory pressure on the Swiss franc, thereby eroding export competitiveness further.
While we had become increasingly bearish on the unit heading into the year due to unexplained and somewhat erratic policy decisions from the central bank, the explosion in violent demonstrations which eventually led to the resignation of former president Hosni Mubarak has cemented our view that appreciatory pressures on the currency will be minimal this year.
Following the Philippine peso's recent sell-off as a result of strong hot money outflows following a bout of global risk aversion, we note that appreciatory and depreciatory forces on the currency are relatively in balance.
The Swiss National Bank has set a limit on the Swiss franc's value versus the euro in the face of substantial appreciatory pressures resulting from the eurozone sovereign debt crisis.
Additionally, although the seasonal dynamics that framed the Croatian kuna in previous years will remain a dominant feature over the forecast period, the author believes that much of the medium-term appreciatory pressure on the kuna has been alleviated.