The shekel has strengthened against the dollar, but weakened against the euro in morning inter-bank trading today, after Federal Reserve Board Chairman Ben S. Bernanke said that the US needed to pursue a highly accommodative monetary policy for the foreseeable future. The shekel-dollar exchange rate fell 0.87%, compared with yesterday's representative rate to NIS 3.614/$, but the shekel-euro exchange rate rose 1.2% to NIS 4.729/€. In international markets, the dollar weakened against leading currencies, and is traded at $1.311/€ against the euro and at ¥98.70 against the yen. FXCM Israel said today, "The shekel-dollar exchange rate is crashing and is again in danger of bowing to pressure. After the failure to break through the NIS 3.65/$ level earlier this week, we are seeing a very sharp correction downward, as has happened many times before after a failure to breach the resistance level. We are again close to NIS 3.60/$, the lower realm of the range where the exchange rate has been trapped in recent weeks. Movement below NIS 3.60/$ could be the trigger for a faster drop, initially to NIS 3.58/$."

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