Positive Signs in Europe Failed to Boost the Euro Today

At 15:30 Beirut time, the Euro was quoted at $/€ 1.1470, the equivalent of €/LBP 1,729.10, falling by 1.29% from Monday’s close.

The selloff of Chinese equities and the better than expected German IFO indicator (Institute of Economic Research) couldn’t help the Euro/Dollar exchange rate today. The upcoming consumer confidence index (CCI) in the US might positively impact the Dollar.

Locally, the Lebanese Pound steadied versus the Dollar at  LP/$ 1,506-1,5010 with a mid-price of LP/$ 1,508.

Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese pound weakened as reflected by the NEER, published by BLOMINVEST, which declined by 0.18% to 165.78 today.

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