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FX CARBON 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. Exclusion of Liability Disclaimer: Whilst the information in this document is based on information that Horizon Energy Group Limited considers reliable and endeavors to –ensure is current, neither Horizon Energy Group Limited, nor any of its officers, employees, agents or affiliates make any representation or warranty (express or implied) with respect to, and no such person shall have any responsibility or liability to, any person for either the accuracy, completeness or reliability of the information contained in this document or for delays in the provision of, or for not providing, any of this information. The provision of this information does not represent a recommendation or offer or the solicitation of an offer by Horizon Energy Group Limited to any person to enter into any transaction nor should any person rely on any information contained in this document for any decisions to be made by them. Any opinions expressed by Horizon Energy Group Limited in this document are personal to it and are subject to change without notice. Ownership of the copyright arising in this document belongs to Horizon Energy Group Limited and accordingly this document may not be copied, published, distributed or adapted in any fashion by any person without Horizon Energy Group Limited’s express prior written consent. Horizon Energy Group Limited is registered in Ireland with limited liability. Registered number: 452021 EUA prices edged higher, supported by reduced wind generation in Germany and stronger buying interest. While gas and power prices declined, overall sentiment remained relatively stable, and the carbon market showed resilience amid mixed fundamentals. However, gains were limited by an active auction schedule that increased supply and cooler weather that curbed power demand and compliance needs. Consequently, EUAs expiring in Dec-25 increased by 2% for the week, ending at 71.34 EUR/tonne. 6668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices18.07.2525.07.251.15801.16001.16201.16401.16601.16801.17001.17201.17401.17601.17800.86200.86400.86600.86800.87000.872018.07.2621.07.2522.07.2523.07.2624.07.2625.07.26€/$€/£The change in €/£/$ €/£€/$The Euro gained 0.6% against the greenback last week, lifted by optimism over a potential US EU trade deal and –expectations that the Federal Reserve will keep rates steady. Weaker U.S. Durable Goods data weighed on the dollar, though solid jobless claims helped limit losses. Meanwhile, the ECB held rates unchanged, with attention now turning to the Fed's policy decision on July 30. As a result, the EUR/USD pair ended the week at 1.1741. The Euro strengthened against the British pound last week, boosted by a hawkish interest rate hold from the European Central Bank (ECB) and pessimistic UK economic data. Investors grew concerned about a slowing labor market, following weaker UK PMIs and an acceleration in job losses within the services sector. This fueled expectations of a faster pace of rate cuts from the Bank of England, weighing on the pound. Meanwhile, renewed confidence in eurozone fundamentals supported the euro. Aa result, the EUR/GBP rate rose by nearly 0.7% for the week, closing at 0.8715.