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FX

The Euro appreciated versus the dollar after eurozone GDP €/£ The change in €/£/$ €/$
figures showed steady economic growth in the fourth
quarter. On the U.S. side, weaker Consumer Price Index 0.8720 1.1920
(CPI) data put downward pressure on the greenback. The 1.1900
0.8710
EUR/USD rate rose by 0.6% to 1.1862 on Friday. 1.1880
0.8700 1.1860
Sterling lost ground against the European single currency
as softer UK data kept sentiment around the British Pound 1.1840
0.8690
(GBP) mixed, while expectations of a more dovish Bank of 1.1820
England (BoE) contrasted with a steady stance from the 0.8680 1.1800
ECB. On the Euro side, Eurostat data showed that the 1.1780
Eurozone economy grew by 0.3% quarter-on-quarter, in 0.8670
1.1760
line with both market forecasts and the earlier estimate. As
0.8660 1.1740
such, the EUR/GBP pair added 0.4% to 0.8716.
06.02.26 09.02.26 10.02.26 11.02.26 12.02.26 13.02.26
€/£ €/$

CARBON

European carbon prices saw a steep decline last week, The change in Carbon Prices
mainly following comments from German Chancellor 100
Friedrich Merz suggesting that the current ETS system is
not functioning effectively. Renewed pressure from 80
Poland to ease or amend the ETS sparked a sharp sell- 60
off, exacerbated by weak auction demand and the €/tonne
unwinding of speculative long positions, adding further 40
downward pressure to prices.
20

As a result, EUAs expiring in Dec-26 plummeted by over 0
10% for the week, the lowest level since May last year. Dec26 Dec27 Dec28 Dec29
06.02.26 13.02.26

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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