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FX

The Euro gained 0.6% against the greenback last week, €/£ The change in €/£/$ €/$
lifted by optimism over a potential US–EU trade deal and
expectations that the Federal Reserve will keep rates 0.8720 1.1780
steady. Weaker U.S. Durable Goods data weighed on the 1.1760
dollar, though solid jobless claims helped limit losses. 0.8700 1.1740
Meanwhile, the ECB held rates unchanged, with attention 1.1720
now turning to the Fed's policy decision on July 30. As a 0.8680 1.1700
result, the EUR/USD pair ended the week at 1.1741. 1.1680
0.8660 1.1660
The Euro strengthened against the British pound last
1.1640
week, boosted by a hawkish interest rate hold from the
0.8640 1.1620
European Central Bank (ECB) and pessimistic UK economic
1.1600
data. Investors grew concerned about a slowing labor
0.8620 1.1580
market, following weaker UK PMIs and an acceleration in 18.07.26 21.07.25 22.07.25 23.07.26 24.07.26 25.07.26
job losses within the services sector. This fueled
expectations of a faster pace of rate cuts from the Bank of €/£ €/$
England, weighing on the pound. Meanwhile, renewed
confidence in eurozone fundamentals supported the euro.
Aa result, the EUR/GBP rate rose by nearly 0.7% for the
week, closing at 0.8715.

CARBON

EUA prices edged higher, supported by reduced wind The change in Carbon Prices
generation in Germany and stronger buying interest. 80
While gas and power prices declined, overall sentiment
78
remained relatively stable, and the carbon market
76
showed resilience amid mixed fundamentals. However,
gains were limited by an active auction schedule that €/tonne 74
increased supply and cooler weather that curbed power 72
demand and compliance needs. 70
68
Consequently, EUAs expiring in Dec-25 increased by 2% 66
for the week, ending at 71.34 EUR/tonne. Dec25 Dec26 Dec27 Dec28
18.07.25 25.07.25

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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