Sterling took another dip down at the start of August to the lowest level against the euro since October 2016.
The Bank of England cut its economic forecasts, promoting traders and economists to conclude it will be next year at least before interest rates in the UK economy will rise.
Once again Brexit seems to be behind the downgrades. Sterling fell by nearly 1 per cent against the euro during trading. £1 sterling was equal to just over €1.10, or a euro was equal to just over 90 pence.
At the end of August the euro had gained again on the pound with £1 equalling €1.079 on the money markets.
Morgan Stanley, the sixth largest investment bank in the U.S. and financial services company, believe the pound has further to fall and they are forecasting pound / euro parity in the first three months of next year.
Either way you look at it, that ain’t good news for Irish mushrooms exporters unless they can secure better prices for their produce.
