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FX

€/£ The change in €/£/$ €/$
The EUR/USD pair started the week lower due to safe-haven
demand for the US dollar driven by US–Iran tensions and rising 0.8720 1.1820
oil prices. It then recovered as geopolitical risks eased and 0.8715 1.1800
improved risk sentiment weakened the dollar. By the end of the 1.1780
0.8710
week, the EUR/USD rate closed higher at 1.1797, up 0.7% for the 1.1760
0.8705
week, supported by better market sentiment despite ongoing 1.1740
0.8700
uncertainty. 1.1720
0.8695
The EUR/GBP pair traded in a narrow range as mixed economic 1.1700
0.8690
signals from the Eurozone and the UK offset each other. 1.1680
0.8685
Midweek activity remained limited as markets focused on ECB 1.1660
and BoE policy expectations. Toward the end of the week, the 0.8680 1.1640
euro strengthened slightly, with the EUR/GBP rate closing at 0.8675 1.1620
0.8717, supported by inflation data and a relatively cautious 10.04.26 13.04.26 14.04.26 15.04.26 16.04.26 17.04.26
Bank of England outlook. €/£ €/$

CARBON

European carbon prices were predominantly bullish last week. The change in Carbon Prices

EUAs weakened slightly at the beginning of the week on subdued 88
86
sentiment driven by geopolitical uncertainty. They then rallied
84
midweek on improving risk appetite and optimism around a
82
potential resolution to the US–Iran conflict, before briefly 80
correcting on profit-taking and mixed energy market signals. €/tonne 78
Later in the week, prices strengthened further, supported by 76
74
policy developments in the UK and expectations that easing 72
geopolitical tensions could sustain economic activity and 70
68
emissions.
66
Overall, the week ended with a strong upward move driven by Dec26 Dec27 Dec28 Dec29
improving sentiment and reduced risk of economic disruption,
10.04.26 17.04.26
with EUAs expiring in Dec26 settling over 6% higher at 77.46
EUR/tonne.

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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