The euro has broken through the 92p sterling barrier - the highest the single currency has been at since a short-lived "flash crash" in October last.

The euro gained 0.5% on the pound this morning and is currently trading at 92.3p.

The last time the currencies traded at this level was in March 2009 at the height of the financial crisis.

A weak pound is harmful for Ireland's exporting sector, as it makes goods more expensive to British buyers.

The strong euro also makes it less attractive for British tourists to come to Ireland, however it does make cross border trips and shopping more attractive to Irish consumers.