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FX

The Euro fell sharply against the dollar due to weak retail €/£ The change in €/£/$ €/$
sales in Germany, lower inflation in the eurozone, and a
contraction in German industrial production, despite some 0.8700 1.1950
support following the ECB’s decision to keep rates
0.8680
unchanged. As a result, the EUR/USD pair dropped by over 1.1900
1% to 1.1794 on Friday. 0.8660
0.8640 1.1850
Sterling lost ground versus the European single currency
as political controversy surrounding Prime Minister 0.8620 1.1800
Starmer’s appointment of Peter Mandelson and
0.8600
unexpected dissent in the Bank of England’s rate decision
1.1750
weighed on the pound, prompting GBP selling and pushing 0.8580
the pair higher. As such, the EUR/GBP pair rose by 0.2% to
0.8560 1.1700
0.8679.
30.01.26 02.02.26 03.02.26 04.02.26 05.02.26 06.02.26
€/£ €/$

CARBON

European carbon prices tumbled last week, hovering at The change in Carbon Prices
their lowest price level since September. 90

They came under pressure from risk-averse market 85
sentiment, higher renewable output, and speculation
over EU ETS changes, with the contract slipping below €/tonne 80
80 EUR/t amid talks of extending free allowances
beyond 2034. 75

EUAs expiring in Dec-26 slumped by over 3% to 78.73 70
EUR/tonne. Dec26 Dec27 Dec28 Dec29

30.01.26 06.02.26

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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