ILS: Neutral Outlook Ahead

Our near-term outlook for the Israeli shekel is bearish. We expect the unit, which was testing support at ILS3.6300/US$, to depreciate against the greenback in the near term, and have set a short-term target for the shekel at the ILS3.6600/US$ level. Against the euro, the shekel has taken a major bounce after depreciating to ILS5.2500/EUR in late August, and we expect the unit to head to ILS5.0700/EUR (compared to ILS5.1214/EUR currently) in the near term.

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