There are plenty of headlines around this morning about the pound sterling hitting a record low overnight against the dollar.

While that is true, the level against the euro is much more important for the Irish food industry.

Yes, there has also been a lot of selling there too, pushing the euro above 90 pence, but that is nothing close to a record.

The 90p level is where the currency has been for the vast majority of the time since the Brexit referendum.

All else being equal, the Irish food sector has plenty of experience in dealing with sterling at these levels.


What is worrying is the speed of the move. The pound has lost 6% against the euro this month, with half of that coming in the last week.

Should the weakness continue, it could lead to a much more difficult position with regards to agri exports to our nearest neighbour.

It is far from all doom and gloom in the currency markets, as the euro continues to weaken against the dollar. The 15% drop this year is helping make sales on the global stage more competitive.

The push in the US for butter market share, for example, will only be helped when Ornua can price more competitively.