A glimmer of hope arrived for British exporters even as the euro headed to another all time low this week. German industry is picking up, with higher investment in plant and machinery as well as stronger consumer spending. Orders among German manufacturers have grown faster than expected, driven by foreign sales and the relative weakness of the euro, making German goods look cheap.
UK exporters can only hope the trend will continue. Like it or not, recovery of the sluggish euro-zone economies – and the strengthening of the euro that will go with that – may be the only way UK firms will start to see a more favourable exchange rate.