Exports could be hit as sterling starts to lose gains against euro

IRISH exports to Britain could come under renewed pressure as sterling starts to lose the major gains made since March.

Sterling gained 11% against the euro in the period from March 19 to the first week in August, as the euro fell from 95p to 84.3p. This took a lot of pressure of Irish exports that have maintained a reasonable performance this year.

Fears of a slump in the British economy have put fresh downward pressure on the currency which has started to lose ground to the euro which was back up at more than 86p yesterday.