Great news if you’re looking for a shopping trip across the border.
According to RTÉ, the euro has broken through the 92p Sterling barrier.
These latest figures mean that it is the highest the single currency has been since October of 2016 when the so called Flash Crash took place.
The Flash Crash saw the Sterling break the 90p barrier against the Euro which put pressure on Irish exporters.
It was an overnight occurrence which sent the Sterling below the value of the dollar by more than 6%.
However, latest figures show that on Wednesday evening, the Euro gained 0.5% on the pound and was trading just above 92p.
You would have to go back to March 2009 to remember a time where the two currencies last traded at this level albeit in the height of a financial crisis.
A strong Euro makes it less appealing for British buyers to trade with Ireland’s exporting sector and is also harmful on our tourism sector.
However, Irish consumers will like the sound of a weak pound as it makes the prospect of taking a trip across the border and shopping there too more attractive.
It comes following the news that one of the world’s largest investment banks stated that the Sterling was to drop below the value of the Euro by 2018.
Financial consultants Morgan Stanley, as well as Morgan Grenfell, one of the world’s oldest banks and now a part of Deutsche Bank, claimed at the start of August that the Labour party potentially winning the election would be enough to see the UK’s currency go into a free fall.
At the time of writing, £1 will get you €1.08.
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