Strong US Jobs Report and Potentially-Near Rate Hike Boost the Dollar against the Euro

At 14:53 Beirut time, the Euro was quoted at €/$ 1.0808, the equivalent of €/LBP 1,629.31, depreciating against the US Dollar by 0.70%.

The dollar is getting stronger against the euro as the market is potentially one week away from the first Federal Reserve interest rate hike since 2008 and as Friday’s jobs’ report beat expectations with total nonfarm payroll employment increasing by 211,000 in November.

Locally, the Lebanese Pound steadied versus the Dollar at a quote of $/LP 1,510.5-1,514.5 with a mid-price of $/LP 1,512.5.

Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese Pound increased as reflected by the NEER, published by BLOMINVEST, which gained 0.81% to 171.67 points today.

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