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FX

The Euro strengthened significantly against the U.S. dollar €/£ The change in €/£/$ €/$
due to firm remarks from ECB Executive Board member
Isabel Schnabel and a better-than-expected German 0.8820 1.1680
industrial production report. On the dollar side, 0.8800 1.1660
expectations of an accommodative Fed policy and a risk-on 1.1640
market sentiment kept the dollar clearly under pressure. 0.8780 1.1620
The EUR/USD rate rose by 0.7% to reach 1.1645 on Friday. 0.8760 1.1600
The European single currency weakened against the 0.8740 1.1580
British pound amid rising concerns over Russia. 1.1560
0.8720
Negotiations between Washington and Moscow concluded 1.1540
without any breakthroughs, and Russia warned that it 0.8700 1.1520
would be prepared if Europe were to initiate a conflict. The
0.8680 1.1500
Pound edged higher even in the absence of new UK data, 28.11.25 01.12.25 02.12.25 03.12.25 04.12.25 05.12.25
supported by a positive market sentiment that bolstered
the risk-sensitive currency. As such, the EUR/GBP pair €/£ €/$
slipped by 0.3% for the week, closing at 0.8727.

CARBON

After reaching its recent highs, European carbon prices The change in Carbon Prices
fell due to mild temperatures and strong winds, but the 95
upward trend remains, supported by the auction pause
and the expected tightening of quotas in 2026. 90

Consequently, EUAs expiring in Dec-25 decreased by €/tonne 85
1.5% for the week, ending at around 82 EUR/tonne.
80

75
Dec25 Dec26 Dec27 Dec28
28.11.25 05.12.25

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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