|Euro / LP||16,470.00||16,458.00||0.07%||926.02%|
|Euro / Dollar||1.0980||1.0972||0.07%||3.12%|
Lebanese Forex Market
The Lebanese Pound (LBP) remained steady within the new official rate of USD/LBP 15,000 by April 20, 2023.
On the parallel market, the Lebanese national currency remained steady this week with an average of 96,900 LBP/USD. The pair LBP/USD recorded a minimum of 96,300 LBP/USD and a maximum of 97,300 LBP/USD during the course of this week mainly due to BDL’ s ongoing intervention in the market by granting dollar through Sayrafa.
As for the Euro/LBP currency pair, the Euro slightly appreciated against the dollar-pegged LBP with the currency pair going from last week €/LBP 16,458 by April 20, 2023 to 16,470 by April 28, 2023. However, the Nominal Effective Exchange Rate (NEER) of the Lebanese pound went up slightly by 0.15% weekly to stand at 117.98 points on April 28, 2023.
International Forex Market
This week, the US dollar held its ground against its major rivals as DXY index traded slightly higher by 0.17% compared to previous week at 101.994 by April 28, 2023. The index kept the optimism environment in place by the end of this week as it extended the uptrend ahead of PCE data that showed an annualized 4.2% in Q1, 2023. Hence, looking at the broader picture, the dollar continues to navigate in a consolidative phase against steady expectations of another rate increase in May by the Fed, depending on the inflation outlook.
The Euro appreciated against the dollar by 0.11% to $1.0984. The Eurozone currencies traded in a range around the 1.1000 against the dollars this week despite lower than expected GDP data. The GDP data of the Eurozone region came in at 1.3% compared to the previous year, and 0.1% on a quarterly basis, slightly lower than the 0.2% expected.
The British pound also expanded against the US dollar by 0.12% to stand at $1.2456 by the week ending April 28, 2023. The GBP/USD pair was fusing near the 1.2500 this week gathering some strength as rising expectations of more interest rate hikes from BoE to fight double-digit inflation are fueling the interest of traders towards the Pound Sterling.
This week, the USD/JPY pair saw a modest spike by 0.81% to reach 135.7 by April 28, 2023 as BoJ is seen keeping its yield curve control policy unchanged at Friday’s meeting and considering a comprehensive review of past monetary-easing decisions. Elsewhere, the Australian dollar depreciated by 2.29% on a weekly basis to stand at 0.6581 AUD/USD by April 28, 2023. In contrast, the Canadian dollar appreciated by 1.40% on a weekly basis touching CAD 1.3658 for a US dollar.
Gold markets edged lower by the end of this week amid a stronger US Dollar. The yellow metal remained confined in a familiar trading range and placed just above the $1,980 level slightly decreasing by 0.99% to stand at 1,982.87/ounce by April 28, 2023. However, expectations of another interest rate hike might put some pressure on prices and impact investors’ moves.
Crude oil prices remained steady at same range as previous week after recording drops mainly driven by uncertainty over further interest rate hikes weighed on the demand outlook fueled by recession concerns. As such, crude oil slightly increased by 0.06% to stand at 77.95/barrel on April 28, 2023.