THE EURO is tumbling on the markets tonight as the Greek debt crisis hits the currency.
This could be good news for retailers in Co Donegal who want to stop shoppers heading north this Christmas.
It is however bad news for workers paid in sterling as their take-home pay takes a battering.
The euro fell against sterling, hitting the lowest since October 4th, leaving September’s low of 85.31 pence as the nearest support. A short time ago it was trading at 85.81. A break below this level would take the euro to its lowest since March.
(It means the pound is now worth €1.16.53c).
“I wouldn’t be surprised if we saw the September low broken, and then we have the psychologically important level of 85 (pence) to target,” said Audrey Childe-Freeman, EMEA head of currency strategy at JP Morgan private bank in an interview with Reuters.
“The uncertainty as to whether there will be a (Greek) referendum or not is leaving the euro highly vulnerable.”
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