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FX

The US dollar remained under pressure last week as the €/£ The change in €/£/$ €/$
government shutdown delayed the release of key data,
including September’s non-farm payroll report. This left 0.8750 1.1780
traders uncertain about the strength of the labor market. At 0.8740 1.1760
the same time, the Euro benefited from relatively stable 1.1740
economic signals in Europe, gaining attractiveness against 0.8730
1.1720
the greenback. The EUR/USD rate rose by 0.5% to reach 0.8720
1.1734 on Friday. 1.1700
0.8710
Last week, the European single currency weakened 1.1680
0.8700
against the British pound despite higher inflation figures, 1.1660
with EU–Russia tensions taking focus over the data release. 0.8690 1.1640
The Pound experienced fluctuations but was bolstered by
0.8680 1.1620
rising uncertainty regarding the Bank of England’s (BoE) 26.09.25 29.09.25 30.09.25 01.10.25 02.10.25 03.10.25
policy outlook. BoE’s Catherine Mann said that the risk of
prolonged higher inflation is emerging, noting persistent €/£ €/$
price pressures and supporting a hold on rates for now. The
EUR/GBP pair declined by 0.4% for the week to 0.8709.

CARBON

European carbon prices surged last week, hovering The change in Carbon Prices
near mid-September highs. 90

The market is rebounding after last month’s 85
compliance-buying deadline and could test
80 EUR/tonne this week. Prices were also boosted by €/tonne 80
the maritime sector’s first-time inclusion, while rising
trade tensions and uncertainty over a possible U.S. 75
government shutdown added further volatility to the
broader markets. 70
Dec25 Dec26 Dec27 Dec28
As such, EUAs expiring in Dec-25 soared by over 4% for
26.09.25 03.10.25
the week, ending at 79.16 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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