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FX

The Euro fell sharply against the U.S. dollar over the week, €/£ The change in €/£/$ €/$
influenced by deteriorating indicators in the eurozone,
including a declining composite PMI, a return to contraction 0.8850 1.1700
in manufacturing output, and a weakening German 0.8840
1.1650
industry. On the dollar side, the Federal Reserve minutes 0.8830
revealed significant disagreement over the need for further 0.8820 1.1600
rate cuts. The EUR/USD rate dropped by 1% to 1.1520 on
0.8810
Friday. 1.1550
0.8800
Sterling strengthened versus the European single currency 0.8790 1.1500
after preliminary Eurozone PMI data pointed to a renewed 0.8780
slowdown in economic activity. However, underwhelming 1.1450
0.8770
UK economic data heightened expectations that the Bank
0.8760 1.1400
of England will proceed with a rate cut in December, 14.11.25 17.11.25 18.11.25 19.11.25 20.11.25 21.11.25
limiting the pound’s advance. As such, the EUR/GBP pair
decreased by 0.5% to 0.8803. €/£ €/$

CARBON

European carbon prices moved downwards for the The change in Carbon Prices
week, impacted by steady gas prices, muted speculative 90
activity and easing geopolitical risk premiums amid
reports of U.S.-proposed Russia-Ukraine peace talks.
Slightly colder weather offered only limited support, 85
leaving EUAs marginally lower in a generally cautious, €/tonne
subdued market.
80
Consequently, EUAs expiring in Dec-25 slipped by 0.6%
for the week, closing at 80.41 EUR/tonne. 75
Dec25 Dec26 Dec27 Dec28
14.11.25 21.11.25

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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