Sterling hit a record low against the euro on Monday, with the euro climbing to 97.98 pence during early trading on the currency markets.

This brings the euro ever closer to parity with sterling and benefits border towns like Enniskillen, which have lately been enjoying huge trade from customers from the Republic.

The euro has soared about 32% against sterling this year - jumping a record 18% so far this month alone.

Only a matter of months ago, local retailers would have been offering in the region of 67–68 pence for a euro. This week, the rate most retailers are offering is well above £0.90.

On Monday afternoon, Dunnes Stores in Enniskillen were offering £0.94 for a euro while on Tuesday morning, Tesco advertised 'your euro is worth £0.94'. One cafe in Belmore Street was advertising parity between the two currencies.

The real winners are people who work across the border but live in the North for, over the past few months, they will have got the equivalent of a 30% pay rise.

A possible reason for the British currency's weakness is the strong belief (in the markets) that the Bank of England will cut interest rates further in the coming months to cope with the country's rapid economic downturn.

Another element affected by the strengthening euro has been the cross-border fuel trade. With reducing fuel prices on both sides of the border, and the strong euro, while fuel may still be just be a bit cheaper across the border, any saving will be negated if there is a journey of any distance required to reach the southern filling station.