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FX

The Euro strengthened sharply against the U.S. dollar last €/£ The change in €/£/$ €/$
week, supported by a weaker greenback due to
accommodative Fed expectations and concerns over a 0.8720 1.1700
potential prolonged U.S. government shutdown. It also 0.8710
benefited from the French government surviving a no- 1.1650
confidence vote and from accommodative outlooks, 0.8700
despite the ECB’s cautious stance on rates and uncertainty 0.8690 1.1600
over the impact of trade tariffs on inflation. Consequently,
the EUR/USD exchange rate rose by 1% to 1.1681 on 0.8680 1.1550
Friday. 0.8670
1.1500
Sterling increased versus the European single currency on 0.8660
the back of stronger-than-expected UK manufacturing data.
0.8650 1.1450
The euro came under pressure early in the week due to 10.10.25 13.10.25 14.10.25 15.10.25 16.10.25 17.10.25
political tensions in France, where Prime Minister Sébastien
Lecornu faced two no-confidence votes. Sentiment for the €/£ €/$
Euro strengthened after Lecornu survived both votes,
offering some political stability. As such, the EUR/GBP rate
slipped by 0.2% to 0.8695.

CARBON

European carbon prices saw a marginal decline last The change in Carbon Prices
week amid weak global risk sentiment following 88
renewed trade tensions between the U.S. and China.
86
U.S. President Donald Trump’s threat to impose a 100%
84
tariff on Chinese goods weighed on financial and
commodity markets. €/tonne 82
80
As a result, EUAs expiring in Dec-25 lost 0.3% for the 78
76
week, closing at 79.46 EUR/tonne.
74
Dec25 Dec26 Dec27 Dec28
10.10.25 17.10.25

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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