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FX

The euro ended the week on a weaker note, as geopolitical €/£ The change in €/£/$ €/$
tensions supported the dollar, a safe-haven currency. Rising
global energy prices added pressure on the euro, with 0.8780 1.1850
investors concerned about the potential impact of higher 0.8760 1.1800
energy costs on an already fragile Eurozone economy. 1.1750
0.8740
Sentiment around the EUR was also affected by escalating 1.1700
tensions between the EU and the US, after President 0.8720
1.1650
Donald Trump threatened to suspend trade with Spain over 0.8700
1.1600
the country’s stance on the Iran conflict. Brussels later
0.8680
indicated it might consider retaliatory measures if 1.1550
Washington moved forward with restrictions. The 0.8660 1.1500
EUR/USD pair fell by 2% to 1.1561 on Friday. 0.8640 1.1450
0.8620 1.1400
Sterling strengthened versus the European single currency 27.02.26 02.03.26 03.03.26 04.03.26 05.03.26 06.03.26
as Eurozone Q4 growth was downgraded, underscoring
limited economic momentum. In the UK, recent €/£ €/$
developments have altered monetary policy expectations.
Higher energy prices due to the Middle East conflict are
increasing inflation risks, making a near-term Bank of
England rate cut less likely. As such, the EUR/GBP dropped
by 1% to 1.1535 .

CARBON

European carbon prices ended largely flat last week, The change in Carbon Prices
trading in a narrow range just above 70 EUR/t, despite 80
significant gains in gas and power markets.
78
News headlines dominated trading as carbon markets
76
lacked direction, with sentiment weakening amid a
seventh day of the Iran conflict and growing fears of €/tonne 74
extended export disruptions. 72
70
EUAs expiring in Dec-26 rose by 0.4% for the week, 68
closing at 70.57 EUR/tonne. 66

Dec26 Dec27 Dec28 Dec29
27.02.26 06.03.26

Power prices in Ireland are strongly linked to gas and Carbon prices by the volume of gas fired power stations in Ireland’s power market. Gas prices are in turn influenced by
oil prices and exchange rates.

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