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Dollar dropped 0.15% more against the shekel to close at NIS 4.129
05.4.07 | 14:10 By Tal Levy
The U.S. dollar retreated another 0.15% against the shekel on Thursday to close at NIS 4.129, its lowest level since June 2001.

The forex trading day on Thursday was truncated because of the Passover holiday, ending at 12:30 instead of 15:30.

A trader at Excellence-Nessuah, Ilan Engel, noted that the moment dollar broke through the resistance level of NIS 4.15 on the downside, it began to slide fast.

Trading on Wednesday had been characterized by stop-loss orders kicking in, Engel said. "We saw orders at the level of NIS 4.15 per dollar, each amounting to tens of millions of dollars," he said.

The dollar sellers were mainly Israel's banks and foreign investors, while buyers showed up from the business sector. In the short run, many expect the shekel to continue to climb against the greenback.

Engel also noted that because of the protracted Passover break, market players hadn't had a chance to move until yesterday, which explained the intense volatility in both the FX and the stock market.

http://www.haaretz.com/hasen/spages/845936.html