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FX

The Euro fell sharply against the US dollar last week, as the €/£ The change in €/£/$ €/$
US PMI pointed to strengthening economic activity in
0.8660 1.1720
August. Meanwhile, eurozone fundamentals remain fragile.
Recent PMIs showed only a modest improvement, with the 0.8655 1.1700
composite index reaching a 12-month high of 51.1, but 0.8650 1.1680
growth in Germany and France continues to disappoint. The 0.8645 1.1660
EUR/USD rate declined by 0.8% to 1.1608 on Friday.
0.8640 1.1640
Sterling strengthened versus the European shared 0.8635 1.1620
currency amid a series of upbeat UK economic indicators. 0.8630 1.1600
On the Euro front, the lack of progress in Russia-Ukraine
0.8625 1.1580
negotiations weighs on the shared currency. As such, the
0.8620 1.1560
EUR/GBP pair rose by 0.2% for the week, closing at 0.8653.
15.08.25 18.08.25 19.08.25 20.08.25 21.08.25 22.08.25
€/£ €/$

CARBON

European carbon prices rose last week, following gains The change in Carbon Prices
in the gas markets and diminishing hopes for a Ukraine 80
peace deal. Market sentiment was also likely supported 78
on Thursday by updates on the EU–US trade agreement, 76
with the European Commission confirming a 15% tariff 74
cap for the EU across sectors including automobiles, €/tonne 72
pharmaceuticals, and semiconductors. 70

EUAs expiring in Dec-25 soared by about 3% for the 68
week, ending at 72.53 EUR/tonne. 66
Dec25 Dec26 Dec27 Dec28

15.08.25 22.08.25

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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