Euro Gains Ground Against the Dollar on Tuesday

At 10:47 am Beirut time, the Euro was quoted at €/$ 1.1370, the equivalent of €/LBP 1,714.03, appreciating by 0.17% against the US Dollar.

The dollar’s slip may be linked to the fact that the Fed chair Janet Yellen did not allude to any  future interest rate hikes in the US, at least until the economic picture is clearer than it is today. Indeed, Yellen acknowledged the poor jobs report for the month of May but also said that other indicators such as wage growth set a brighter tone.

Locally, the Dollar steadied against the Lebanese Pound with an exchange rate of $/LP 1,513-1,514 with a mid-price of $/LP 1,513.5.

Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese Pound depreciated as reflected by the NEER, published by BLOMINVEST, which witnessed a 0.09% downtick to 166.04 points today.

Date: 07 June 2016

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