| 2013-02-05 |  |
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With the need for a boost in the lamb trade the currency market is key to prime sheep prices over the next few months.
A weak pound may not be good for the economy as a whole but for the lamb trade it may create a much needed improvement in the trade.
The Pound rallied slightly against the Euro at the start of the week (4/02/13) bouncing back from its weakest level in 15 months last Friday (1/02/13). The Pound declined on Friday by the most in two years against the Euro and briefly traded under 1.15 before this weeks correction.
During the next few weeks it will pay to keep an eye on the exchange rate.
The effect of the exchange rate on lamb prices can be seen below with different exchange rates
UK price £3.60p/kg (ex@ 1.21) = 4.355 euros
UK price £3.60p/kg (ex@ 1.10) = 3.96 euros
At todays (5/02/13) exchange rate of 1.168 this equates to a difference of (.395) and 34p/kg in price to the importer of lamb from the UK.
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