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FX

The Euro rose sharply against the U.S. dollar last week, as €/£ The change in €/£/$ €/$
the greenback came under strong selling pressure amid
ongoing concerns over the long-term trade relations of the 0.8690 1.2000
United States with its partners. Despite the recent easing of 0.8685 1.1950
geopolitical and trade tensions between Washington and
0.8680 1.1900
several EU member states, the EUR/USD pair climbed by
1.5% to 1.1742 on Friday. 0.8675 1.1850
0.8670 1.1800
Sterling gained ground against the European single
currency in response to dovish remarks from the ECB. 0.8665 1.1750
Martin Kocher, ECB policymaker, noted that if the euro 0.8660 1.1700
continues to rise against the U.S. dollar, it could weigh on
0.8655 1.1650
inflation and potentially pave the way for further interest
0.8650 1.1600
rate reductions. Consequently, the EUR/GBP rate slipped 23.01.26 26.01.26 27.01.26 28.01.26 29.01.26 30.01.26
by 0.2% for the week, ending at 0.8662.
€/£ €/$

CARBON

European carbon prices fell significantly over the week, The change in Carbon Prices
driven by profit-taking and weak technical cues. Sluggish 100
manufacturing data reduced demand for compliance
95
allowances and curtailed emissions in key industries.
The slowdown in industrial activity across Europe 90
further lowered the need for companies to purchase €/tonne 85
EUAs and UKAs. Market sentiment was also subdued, as
traders reacted to short-term economic and geopolitical 80
uncertainties, limiting buying interest and reinforcing 75
downward pressure. 70
Dec26 Dec27 Dec28 Dec29
As a result, the December 2026-expiry contract
23.01.26 30.01.26
dropped by roughly 8% week-on-week, closing at 81.26
EUR/tonne on Friday.

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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