| 10/06/2022 | 03/06/2022 | %Change | YTD | |
| Euro / LP | 1,592.22 | 1,616.30 | -1.49% | -6.82% |
| Euro / Dollar | 1.0562 | 1.0722 | -1.49% | -6.81% |
| NEER Index | 162.88 | 161.43 | 0.90% | 8.68% |
Lebanese Forex Market
To-date, the Lebanese Pound (LBP) remained steady within the official range of USD/LBP 1,514 to 1,514.5, with a mid- price of USD/LBP 1,514.25 by 10 June, 2022.
On the parallel market this week, the Lebanese national currency has remained stable at an average rate of LBP/USD 27,500 due to the continuous intervention of the BDL through the circular 161.
As for the Euro/LBP currency pair, the Euro depreciated against the dollar-pegged LBP with the currency pair going from last week €/LBP 1,616.30 to €/LBP 1,592.22 by June 10, 2022. Moreover, the Nominal Effective Exchange Rate (NEER) of the Lebanese pound slightly increased weekly by 0.90% to stand at 162.88 points on June 10, 2022.
International Forex Market
The Euro/USD depreciated against the dollar from last week from €/USD 1.0722 to €/USD 1.0562 by June 10, 2022 as the ECB projected a higher inflation in 2022-2023 versus the previous March outlook. Pressures on the euro currency to remain elevated as the Russian invasion of Ukraine continues to weigh on the European economy and inflation remains undesirably high. Furthermore, the ECB kept its key policy rate at -0.5% but signaled a 25 bps rate rise for July and September.
Commodities
Gold prices bounced back to record a drop of 1.78% at the end of this week to $1,833.22/ounce as green currency was on strong footing. The precious metal endured the burden of rise in U.S Treasury yields and remained pressured towards sentiment related to American and European inflation data.
Crude oil prices soared at the end of this week by 6.78% to $124.02/Barrel, a three-month high. In fact, oil prices surged as demand for energy has kept rising as lockdown eased in China despite supply concerns in several countries.