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FX

The Euro fell against the US dollar last week, amid €/£ The change in €/£/$ €/$
uncertainties surrounding the peace process in Ukraine, as
talks failed to yield a breakthrough. Encouraging PMI 0.8750 1.1880
indicators in the eurozone provided only limited support, 0.8740 1.1860
pointing to a moderate improvement in activity, but not 0.8730 1.1840
enough to trigger a meaningful rebound in the currency. 0.8720 1.1820
Meanwhile, reduced expectations of imminent rate cuts by 1.1800
0.8710
the Federal Reserve strengthened the dollar, adding further 1.1780
0.8700
pressure on the euro. The EUR/USD pair declined by 0.8% 1.1760
to 1.1767 on Friday. 0.8690 1.1740
0.8680 1.1720
The European Single currency ended broadly unchanged
0.8670 1.1700
against the British pound. The single currency lacked clear
0.8660 1.1680
direction last week, as persistent uncertainty over the 13.02.26 16.02.26 17.02.26 18.02.26 19.02.26 20.02.26
Ukraine peace process, with no breakthrough in the latest
talks, limited upside potential. As such, the EUR/GBP rate €/£ €/$
steadied at 0.8728.

CARBON

European carbon prices surged for the week as bullish The change in Carbon Prices
signals from related markets managed to outweigh 85
concerns about a potential reform of the ETS scheme.
However, volatility remains elevated in the wake of 80
Friedrich Merz’s calls for market reform.
€/tonne 75
Consequently, EUAs expiring in Dec-26 surged by over
4% for the week, closing at 73.78 EUR/MWh. 70
65
Dec26 Dec27 Dec28 Dec29
13.02.26 20.02.26

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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