EURO 'COULD HIT $1.45' IN MONTHS AHEAD - After a roller-coaster few days, the dollar clawed back some of its losses against the euro in overnight currency trading.
The dollar took a sudden and deep slide in value against other currencies after the US Federal Reserve announced a massive injection of new money into the US financial system. The markets believe such an enormous injection of dollars debases the currency.
John Moclair of Bank of Ireland Global Markets says the dollar has come back slightly against the euro - to around $1.3650 - but had been gradually weakening since the start of March.
Mr Moclair says that for technical reasons, the euro could reach up to $1.45 in the coming months, though in the longer-term an early recovery in the US economy could strengthen the dollar eventually.
He says a weaker dollar will hit exporters, but it also cushions the blow from higher oil prices.
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RYANAIR WELCOMES BAA SALE DEMAND - The UK Competition Commission yesterday said Spanish-owned BAA - which owns Stansted, Gatwick and Heathrow - must sell Gatwick and Stansted as well as either Edinburgh or Glasgow airport.
The move follows an investigation which decided such a concentration of ownership of key airports was not good for airlines or consumers.
Ryanair's head of legal and regulatory affairs, Jim Callaghan, said the UK body had done a 'stellar job', and had recognised that regulation had been an 'abysmal failure' in London.
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NEWS AND CURRENCIES - The UK's public spending watchdog has said British bank Northern Rock was allowed to lend £800m in high-risk mortgages for six months after being given billions of pounds from the UK taxpayer prior to nationalisaton. In a critical report, the National Audit Office said mortgage loans branded Together mortgages, which offered borrowers 125% of the value of their homes, were available until shortly before the bank was finally nationalised in a year ago.
On the currency markets, the euro is worth $1.3656 and 94.2p sterling.
