The euro is continuing to trade at just above the $1 mark, having dropped to a record low of below $1 in late trading last night. A spokesman for the European Commission President said that he is not concerned about the low level of the currency.
The fall brought the value of the Irish pound to below 80 pence and it is currently worth 79.5 pence. RTÉ News business staff say that the weak euro could push up the price of imported goods and make travelling abroad more expensive. It also increases the likelihood that euro interest rates will go up sooner than had been expected.
Earlier, the head of the European Central Bank said that nothing he could say would make any difference. Wim Duisenberg added that he would be concerned if the euro did not recover ground next year as economic growth picked up in Euro zone economies.
