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FX

The Euro rebounded against the U.S. dollar. Growing €/£ The change in €/£/$ €/$
optimism over proposals to end the war in Ukraine
supported the European single currency, while 0.8810 1.1600
disappointing data from Germany limited the upside. The 0.8800
1.1580
Eurozone’s largest economy reported a drop in business 0.8790
sentiment in November and confirmed that growth stalled 0.8780 1.1560
in the third quarter. Meanwhile, the U.S. dollar remained
0.8770
on the back foot, supported by hopes of Fed interest rate 1.1540
0.8760
cuts. The EUR/USD pair rose by 0.4% to 1.1566 on Friday.
0.8750 1.1520
Following the budget announcement, the Pound rose 0.8740
against the Euro on easing uncertainty and market relief, 1.1500
0.8730
supported by calm bond markets. While gains were
0.8720 1.1480
tempered by delayed tax measures, GBP remained near 21.11.25 24.11.25 25.11.25 26.11.25 27.11.25 28.11.25
one-month highs by week’s end. As such, the EUR/GBP pair
dropped by 0.6% for the week, to end at 0.8752. €/£ €/$

CARBON

European carbon prices soared over the past week, The change in Carbon Prices
driven by dip-buying near 81 EUR, rising speculative 95
activity ahead of the Dec. 10 options expiry, and
expanding net-long fund positions. 90

As a result, EUAs expiring in Dec-25 surged by 3.5% for €/tonne 85
the week, closing at 83.26 EUR/tonne.
80

75
Dec25 Dec26 Dec27 Dec28
21.11.25 28.11.25

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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