Israel decided to print billions of shekels - how will it affect exchange rates?

[Technologov]

...and in Israel in the meanwhile the Gvmt. today (2.May.2013) just decided to print few dozens of billions of new shekels... (good time to buy a coin...)
Actually today.. they wanna up the deficit from 3% to 5%.
1. It means issuing more bonds at first
2. more taxes second
3. and probably also print some money, because economy will slow down (due to higher taxes)

Question is:

anyone knows how a deficit of 3% --> 5% will affect exchange rates to other (fiat) currencies ?
(obviously deflationary money like Gold and Bitcoin will rise much more...)
How to calculate / predict such stuff, long-term ?

-Technologov