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FX

The Euro increased sharply versus the U.S dollar last week, €/£ The change in €/£/$ €/$
benefiting from the weakness of the greenback, weakened
by rising expectations of a Federal Reserve (Fed) rate cut at 0.868 1.172
its September meeting. U.S. markets will be closed on 0.867 1.17
Monday for Labor Day. On the Eurozone side, while retail 0.866 1.168
sales in Germany—the region’s largest economy—fell in 1.166
0.865
July, unemployment declined in August, and inflation 1.164
picked up. As a result, the EUR/USD rate rose by 0.4% to 0.864
1.162
1.1658. 0.863
1.16
The EUR/GBP pair added 0.2% to 0.8668, as the British 0.862 1.158
pound came under pressure over concerns that UK 0.861 1.156
Chancellor Rachel Reeves might raise taxes in the autumn
0.86 1.154
budget, including potential national insurance on rental 22.08.25 25.08.25 26.08.25 27.08.25 28.08.25 29.08.25
income. Unease persisted into Friday amid fresh
speculation of a possible windfall tax on banks, following a €/£ €/$
proposal from the IPPR think tank, leaving Sterling to end
the week weaker.

CARBON

European carbon prices increased slightly over the The change in Carbon Prices
week, with prices hovering at their highest level in 82
around two months. 80
78
76
This upward movement was supported by the strong 74
outcome of the German auction and concerns over a €/tonne 72
potential tightening of the market in 2026. 70
68
66
As a result, EUAs expiring in Dec-25 added 0.6% 64
62
reaching 73 EUR/tonne. 60
Dec25 Dec26 Dec27 Dec28
22.08.25 29.08.25

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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