Euro decline spells ‘good news’ for Irish exporters
Ronnie O’Toole, chief economist, National Irish Bank, said yesterday the euro “is overvalued, and its ongoing decline is good news for Irish exporters who are much more dependent on selling into the US and the UK than the rest of Europe”.
In the current environment, where markets are nervous about the eurozone, the chances are the euro will fall back to $1.17 pretty quickly and it is possible that further losses could be made in the period ahead as Europe struggles to get its national finances in order.
