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FX

The EUR/USD pair edged lower over the week, staying close to
recent highs but pressured by safe-haven dollar demand and €/£ The change in €/£/$ €/$
0.8760 1.1780
weaker Eurozone data. Geopolitical tensions, the Fed’s rate cut
signals, and soft manufacturing PMIs weighed on the euro. 0.8710 1.1760
Overall, the EUR/USD pair was pressured by a combination of 0.8660
safe-haven dollar demand and soft Eurozone economic 1.1740
0.8610
indicators, settling 0.4% down for the week. 1.1720
0.8560
Meanwhile, the EUR/GBP rate traded in a narrow range, 1.1700
0.8510
supported early on by a quiet UK data calendar but later easing
amid BoE caution and geopolitical uncertainty. By week’s end, 0.8460 1.1680
the pair remained broadly stable, reflecting thin liquidity and
subdued market conditions. Thus, the EUR/GBP rate held
broadly steady near 0.8719 after a calm New Year’s session. €/£ €/$

CARBON

European carbon prices showed modest fluctuations last
week. The change in Carbon Prices
100
On Monday, prices edged lower, despite record long net 98
positions by investment funds. They extended losses on 96
Tuesday, following softer gas market trends. By Friday, prices 94
92
turned bullish, supported by cooler temperatures and a €/tonne 90
pause in primary auctions. 88
86
Overall, carbon markets remained relatively stable for the 84
week, amid light trading and changing market drivers. 82
Consequently, the contract expiring in December 2026 Dec26 Dec27 Dec28 Dec29
gained 0.3% to close at 88.31 EUR/tonne. 26.12.25 02.01.26

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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