Dollar decline will hit Irish companies

THE fall in the value of the dollar will impact negatively on the earnings of Irish companies with exposure to US markets, hitting earnings by an average of 2% to 3%.

Merrion Stockbrokers head of research Rory Gillen said the decline in the dollar in recent months had picked up pace in the first few weeks of 2003.

“Imbalances in the US economy, reflected in a widening trade deficit and fears over possible war with Iraq are the principle factors undermining confidence.