ILS: Broad Stability Through 2010

We expect the Israeli shekel to continue range trading between ILS3.70/US$ and ILS3.80/US$ in the short term. With Israel's export-led economic recovery still in play, upside pressure on the unit will be maintained. However, given that the Bank of Israel (BoI) continues to sporadically intervene in the foreign exchange market to combat shekel appreciation, we do not expect any significant strengthening over the coming weeks and months.

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