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FX

The Euro strengthened against the dollar over the week, €/£ The change in €/£/$ €/$
driven by expectations of Fed rate cuts, which weighed on
the dollar. In addition, resilient economic prospects in the 0.8720 1.1850
eurozone supported demand for the euro. However, Euro
0.8700
gains were limited by protests in France, where thousands 1.1800
of people demonstrated against proposed spending cuts. 0.8680
The EUR/USD rate increased by 0.2% to reach 1.1736 on
Friday. 0.8660 1.1750

Sterling fell sharply versus the Euro, driven by rising 0.8640
concerns over persistent high inflation, weak economic 1.1700
growth, and a softening labor market. The British pound 0.8620
was further pressured as UK fiscal data raised concerns,
0.8600 1.1650
with 10-year gilt yields hitting 4.7% after August borrowing 12.09.25 15.09.25 16.09.25 17.09.25 18.09.25 19.09.25
surged to £18 billion, well above forecasts. Consequently,
the EUR/GBP pair gained 0.6% for the week, ending at €/£ €/$
0.8708.

CARBON

European carbon prices firmed for the week, hovering The change in Carbon Prices
at their highest level since February. 90

Market participants continued to focus on speculation
85
ahead of the September 30 compliance deadline and the
expiry of options. Analysts also noted that recent €/tonne 80
macroeconomic data supported EUAs, with Eurozone
industrial production rising month-on-month. 75
Additionally, the latest Commitments of Traders report
confirmed the market’s bullish sentiment, as investment 70
funds continued to expand their long positions in carbon Dec25 Dec26 Dec27 Dec28
allowances. 12.09.25 19.09.25
As a result, EUAs expiring in Dec-25 increased by over
2% for the week, closing at 77.55 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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