Higher Euro Despite Disappointing Economic Sentiment in Germany  

At 11:40 Beirut time, the Euro was quoted at €/$ 1.0820, the equivalent of €/LBP 1,631.12, appreciating by 0.24% against the US Dollar.

Despite the lower than expected IFO’s economic sentiment in Germany, the euro appreciated against the dollar today. In the coming period, downward pressure on the euro is likely to resume given Mario Draghi’s dovish statement regarding monetary stimulus last week.

Locally, the Lebanese Pound steadied against the Dollar moving in the range 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 improved as reflected by the NEER, published by BLOMINVEST, which registered a 0.07% upturn to 169.62 points today.

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