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FX

The US dollar weakened against the Euro during a volatile €/£ The change in €/£/$ €/$
week, as markets anticipated three Fed rate cuts following
a surge in jobless claims. As expected, the ECB kept its rates 0.8690 1.1760
unchanged and maintained a positive outlook on growth
0.8680 1.1740
and inflation, while noting it would adjust policy on a
meeting-by-meeting basis, without committing to a 0.8670 1.1720
predefined path. Hence, the EUR/USD pair rose by 0.2% for
the week to 1.1718 on Friday. 0.8660 1.1700

Sterling strengthened versus the European single currency 0.8650 1.1680
as stronger-than-expected UK economic data boosted
investor confidence. As such, the EUR/GBP rate lost 0.3% 0.8640 1.1660
for the week, closing at 0.8653.
0.8630 1.1640
05.09.25 08.09.25 09.09.25 10.09.25 11.09.25 12.09.25
€/£ €/$

CARBON

European carbon prices fell for the first time in four The change in Carbon Prices
weeks, settling below 76 EUR/tonne, amid political 84
announcements and technical factors. Germany seeks
82
to extend the 2034 deadline for free industrial
allowances, while the European People’s Party supports 80
bringing back international offsets to the EU ETS from €/tonne 78
2031. 76
74
EUAs expiring in Dec-25 slipped by 0.4% for the week,
ending at 75.77 EUR/tonne. 72
Dec25 Dec26 Dec27 Dec28

05.09.25 12.09.25

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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