Boost for exporters ahead of ECB monetary stimulus plan

The euro headed for its biggest monthly decline against the dollar since March, and may fall sharply again in the coming months against sterling too, as economists unanimously forecast that the ECB will unveil additional monetary stimulus this week.

Falls for the currency of this scale have already provided what is essentially a turbo-charge to the Irish economy, as exporters to the US and Britain are able to sell goods and services at hugely competitive prices.

The corollary is tourists to Britain and the US find that their euro is worth much less than a year ago. Investec Ireland yesterday reiterated its forecast that the currency will fall steeply again against sterling early next year, to 67p (95c), before rising back above 70p next spring.