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FX

The Euro rose sharply against the U.S. dollar last week, as €/£ The change in €/£/$ €/$
the greenback came under heavy selling pressure amid
persistent concerns over the United States’ long-term trade 0.8760 1.1800
relations with its partners. Despite the recent resolution of
0.8740
geopolitical and trade tensions between Washington and 1.1750
several EU member states, the EUR/USD rate climbed by 0.8720
1% to 1.1742 on Friday. 0.8700 1.1700
The EUR/GBP pair ended rather flat to slightly bullish at 0.8680 1.1650
0.8681, as Germany’s ZEW economic sentiment index
0.8660
exceeded expectations, reaching its highest level since July
1.1600
2021. Friday’s stronger-than-expected UK Retail Sales and 0.8640
PMI figures capped Euro’s gains, with analysts suggesting
0.8620 1.1550
they may delay further BoE rate cuts.
16.01.26 19.01.26 20.01.26 21.01.26 22.01.26 23.01.26

€/£ €/$

CARBON

European carbon prices saw a sharp downturn for the The change in Carbon Prices
week, as investors closed out long positions after a steep 105
early weekly decline, amid weaker growth expectations
and renewed trade tensions. EUAs plunged alongside 100
the wider energy market, dropping on Tuesday to their 95
lowest levels since mid-December—over 10 EUR below €/tonne
last week’s close. 90

85
As a result, EUAs expiring in Dec-26 plunged by 4% to
88.40 EUR/tonne. 80

Dec26 Dec27 Dec28 Dec29
16.01.26 23.01.26

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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