Exporters suffer collateral damage in 'currency war'

Irish exporters to Britain saw their margins slip dramatically in January as competitive devaluation caused the euro to strengthen against sterling, writes Jon Ihle.

3rd February, 2013

Irish exporters to Britain saw their margins slip dramatically in January as a global "currency war" caused the euro to strengthen against sterling, compounding the difficulties of a weak domestic market.

Competitive devaluation through loose monetary policy in Britain, Japan and the US has pushed the euro to its highest level since 2011, according to Davy stockbrokers, making Irish goods more expensive outside the eurozone.

The euro strengthened 5.3 per cent against sterling and 2.9 per...

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