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FX

The EUR/USD rate fell by 1.4% to 1.568, due to a slowdown €/£ The change in €/£/$ €/$
in manufacturing activity in the eurozone. Furthermore,
inflation above the ECB’s target also weighed on economic 0.8720 1.1750
confidence. The unexpected resignation of French Prime 0.8710 1.1700
Minister Sébastien Lecornu, shortly after forming his
government, added further pressure on the single currency. 0.8700 1.1650
Nevertheless, the strength of the U.S. economy supported 0.8690
the dollar. 1.1600
0.8680
Meanwhile, the EUR/GBP pair remained unchanged at 1.1550
0.8670
0.8709 as opposing forces balanced each other: political
instability in France put downward pressure on the euro, 0.8660 1.1500
while uncertainties surrounding the UK budget limited
0.8650 1.1450
gains for the pound.
03.10.25 06.10.25 07.10.25 08.10.25 09.10.25 10.10.25
€/£ €/$

CARBON

European carbon prices recorded modest gains last The change in Carbon Prices
week. 88
86
EUAs were supported by expectations of a tighter
84
permit supply in 2026 due to adjustments in the Market
Stability Reserve. This has driven a continued rise in net €/tonne 82
long positions, according to the latest Commitments of 80
Traders report, as market speculation pushed prices 78
higher. Additionally, free allocations under the Carbon 76
Border Adjustment Mechanism are expected to be 74
reduced. Dec25 Dec26 Dec27 Dec28
03.10.25 10.10.25
As a result, EUAs expiring in Dec-25 added 0.7% for the
week, ending at 79.68 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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