US dollar falling while sterling surpassed $1.21 level

Euro / LP1,565.781,545.151.34%-8.36%
Euro / Dollar1.03871.02501.34%-8.36%
NEER Index171.13171.56-0.25%14.19%

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 November 18, 2022.

Meanwhile, on the parallel market this week, the Lebanese national currency has been oscillating between 39,400 and 40,150 as nothing has changed on both the political and economic aspects. This week, the Lebanese parliament failed to elect the country’s next president for the seventh time, nearly a month after the end of term of previous head of state Michel Aoun. Consequently, the governance vacuum continues as Lebanon faces the most devastating economic crisis described by the World Bank as one of the worst in modern history. Adding to that, Mikati’s government seems powerless; therefore, an agreement with IMF is unlikely for now.

As for the Euro/LBP currency pair, the Euro appreciated against the dollar-pegged LBP with the currency pair going from last week €/LBP 1,545.15 by November 18, 2022 to €/LBP 1,565.78 by November 25, 2022. Moreover, the Nominal Effective Exchange Rate (NEER) of the Lebanese pound decreased slightly by 0.04% weekly to stand at 171.13 points on November 25, 2022.

International Forex Market

On Friday, the US dollar slightly deteriorated against its major competitors, as the dollar index was trading 0.87% lower compared to last week at 106.003.

This week, the Euro appreciated against the dollar by 0.3% to $1.0387. In addition, on Friday, the GBP/USD price surged by 1.52% compared to last week at $1.2105.

Elsewhere, Japanese currency slightly decreased by 0.41%, at $139.41 amid hot inflation CPI data for the month of October that came in above expectations at 3.6% (vs. 3.5% expected). Meanwhile, the Australian currency slightly increased by 0.43% to reach $0.6742 on November 25, 2022, compared to last week at $0.6713.

Furthermore, this week, the Chinese currency depreciated against the dollar by 0.77% reaching CNY/USD 7.1711. Also, the Canadian currency depreciated against the dollar by 0.13% to 1.3346 on November 25, 2022, compared to the previous week.



Gold prices surged on Thursday by 0.1% to reach $1,752.48/ounce on November 25, 2022 compared to $1750.68/ ounce last week, on the back of a more dovish environment and weaker dollar.

Crude oil prices slumped by 0.35% this week to $79.8/barrel compared to $80.08/ barrel in the previous week amid news that the Group of Seven (G7) nations were considering a high price cap on Russian oil, which could ease supply disruption.

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