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FX

The Euro slipped against the U.S. dollar last week, as hopes €/£ The change in €/£/$ €/$
for a swift end to the war in Iran faded and continued to
weigh on the single European currency. Donald Trump 0.8680 1.1620
briefly renewed some optimism on Thursday by extending 1.1600
0.8670
the deadline for strikes on Iranian energy facilities to April, 1.1580
but this was short-lived after reports of a possible 0.8660
deployment of an additional 10,000 troops, which could 1.1560
prolong the conflict and the closure of the Strait of Hormuz. 0.8650 1.1540
On the greenback front, safe-haven demand has 1.1520
0.8640
strengthened as markets became more defensive amid
1.1500
concerns over inflation and global growth. The EUR/USD 0.8630
pair fell by 0.3% to 1.1517 on Friday. 1.1480
0.8620 1.1460
Sterling lost ground versus the European single currency
20.03.26 23.03.26 24.03.26 25.03.26 26.03.26 27.03.26
after the latest retail sales figures showed a month-on-
month decline in consumer spending. Tuesday’s PMI data €/£ €/$
indicated a notable slowdown in private-sector output, with
the Middle East conflict beginning to visibly weigh on
economic activity. As such, the EUR/GBP rate rose by 0.3%
to 0.8672.

CARBON

European carbon prices surged week-on-week, The change in Carbon Prices
supported by stronger policy backing, improved macro 85
sentiment, and higher demand driven by colder weather
and fuel switching from gas to coal. The rally was 80
reinforced by positive EU signals, while temporary 75
concerns over policy measures and weaker positioning €/tonne
had only a limited effect. 70

65
As a result, EUAs for Dec-26 and Dec-27 jumped by 6%
to 71.67 EUR/t and 74.33 EUR/t, respectively. 60
Dec26 Dec27 Dec28 Dec29
20.03.26 27.03.26

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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