Sterling strengthened yesterday as markets priced in a delay on Brexit – and it now looks as though London will seek a short extension to the 29th of March deadline.

Yesterday's move marked a continued recovery for the British pound in recent months – one euro stood at 90p in early January but has more recently traded closer to 85p – so can Irish firms take a more relaxed view towards the exchange rate?

At the very least they should be able to breath a sigh of relief for the moment.

"I suspect most [exporters] have budgeted for around 88-89p for the year – at 85p they're up about €4,000 on every 100,000 pounds sterling sales, which is not insignificant," said John Finn, managing director of Treasury Solutions. 

"In the first quarter a lot of them focused on customs and tariffs rather than the currency – I think they're comfortable that it's back where it is without taking action on it."

However Mr Finn warns that that could cause some to take their eye off the ball in the near future, as they might assume currency will not become a problem for them again.

"The worry you have here is that maybe a little bit of complacency – they sit back and say 'that's great, it's in a good spot' and assume it's going to stay there," he said.

There may also be firms that did take action, hedging at the likes of 88 or 89p, only to feel short-changed by what actually happened in the markets.

This is an easy mindset to fall into, Mr Finn says, but he argules businesses that hedge do not lose out in the long-term.

"All they're doing is lagging the market," he said. "If they've hedged at 88 or 89 it's very unlikely that they've hedged for 12 months or anything like it – so it still means they can hedge at 85 for a period further into the future.

"One has to assume that if they were hedging at 88/89 they were still making money; people don't hedge to lose money at that. It's really an opportunity cost – it's not a good reason for not hedging."

Businesses will be facing into another period of fresh uncertainty in the coming weeks, as any Brexit extension creates new questions about what happens next.

Mr Finn's prediction is that the story will shift to become one of political turmoil within Britain, which will cause exchange rate volatility as a result.

"My sense is that we're going to have political fallout over the summer and I think we're going to see a bit of a wobble in the currency again," he said "Maybe the price of Mrs May going for a short extension, to get the ERG on side, is that they'll look for her head."

Whatever the specifics are, Mr Finn says companies need to do the basics right in order to insulate themselves as much as possible.

To help with that his company last year established Treasury Hub, which offers advice to medium and large enterprises. Today it announced that accountancy firm Casey Stephenson would come on board as the fifth collaborator for the service, improving its reach in the south west of the country.

"Keep the basics in place – make sure you can hedge, understand how far forward you can hedge," he said. "A lot of companies assume they can ring the bank up and hedge for 12 months if they want to and then they get a nasty surprise and find that they can't hedge at all.

"Just don't be complacent – that's the key message here. I've seen it happening already and I know it will happen again; people's attitude to currency hedging here has been, in general, to take the foot off the gas."