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One euro was worth £0.892 for a brief period this morning after the Governor of the Bank of England Mark Carney told the BBC that "the possibility of a no-deal [Brexit] is uncomfortably high". The exchange rate later returned to around €1=£0.89.
A previous spike two weeks ago saw the exchange close to €1=£0.895.
There has been a steady decrease in the value of the UK's currency since a turning point of €1=£0.86 in mid-April, making Irish agri-food exports slowly more expensive to British buyers ever since.
Just one year ago, a sudden depreciation of the sterling saw the exchange rate top at €1=£0.92.
A majority of agri-food exporters surveyed in Bord Bia's latest Brexit barometer said they would begin to have "severe difficulties" in the key British market if the exchange rate was above €1=£0.90.
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