The pound sterling value has slid recently on the currency exchange markets against both the euro and the dollar.
The pound is trading at nearly 87.5p to the euro, not far off the red alert zone for Irish exporters. Looking at it the other way £1 = €1.14.
The expected rise in interest rates by the ECB is the factor pushing the pound’s value down against the euro.
There has also been much talk of the pound sliding against the dollar too, with some speculation that it will reach parity in the not too distant future.
As of September 28th the pound is now trading at €1.119 or conversely 89.5p for one euro on the foreign exchange markets.
It's certainly been a rough week for Sterling and a baptism of fire for the new British Chancellor of the Exchequer Kwasi Kwarteng after his mini budget or "fiscal event" managed to cause markets to get extra jittery re the UK economy.
With Bank of England interventions and IMF noises offstage, we can expect a lot more drama in the days and weeks to come.
