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FX

The Euro fell sharply against the dollar last week, following €/£ The change in €/£/$ €/$
a series of positive U.S. macroeconomic data that eased
concerns about an economic slowdown, while data 0.8760 1.1850
released in Europe were disappointing. Adding to the 0.8750
pressure, U.S. President Donald Trump unsettled markets 0.8740 1.1800
with another round of tariffs. The EUR/USD rate fell 0.6%
0.8730
over the week, closing at 1.1672 on Friday. 1.1750
0.8720
Sterling tumbled against the Euro as concerns over the 1.1700
UK’s economic outlook intensified. The pound remains 0.8710
under pressure as investors weigh risks related to the UK’s 0.8700
1.1650
fiscal situation. On the Euro front, although consumer 0.8690
sentiment strengthened and German confidence data
0.8680 1.1600
exceeded expectations, gains were limited by geopolitical 19.09.25 22.09.25 23.09.25 24.09.25 25.09.25 26.09.25
tensions linked to suspected Russian drone activity. As such,
the EUR/GBP pair rose by 0.4% for the week, closing at €/£ €/$
1.1442.

CARBON

European carbon prices saw a downtrend last week. The change in Carbon Prices
90
Following the recent options expiry, market participants
placed key support around 75 EUR/t, while profit-taking 85
and technical signals added further pressure.
€/tonne 80
As a result, EUAs for Dec-25 delivery fell by 2% over the
week, closing just below 76 EUR/tonne. 75

70
Dec25 Dec26 Dec27 Dec28
19.09.25 26.09.25

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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