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CARBON (€/T) WED THU VAR D-1 VAR W-1AVG.MAXMIN 26/11 27/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202581.68 82.210.530.8573.9283.9360.94CO2 EUA DEC 202683.86 84.370.510.8675.9286.3562.54CO2 EUA DEC 202786.26 86.790.530.8778.2289.0764.54CO2 EUA DEC 202888.98 89.440.460.7980.7991.9466.86UK ETS DEC 25 EUR 65.86 65.19-0.67-0.8757.4667.0437.35UK ETS DEC 26 EUR 68.85 68.18-0.67-0.8860.1170.0439.48UK ETS DEC 27 EUR 72.04 71.34-0.7-0.8962.9173.1442.14European carbon prices increased on Thursday, buoyed by outlooks for atighter 2025 market despite broader energy sector softness. Consequently, theEUAs expiring in Dec-2025 rose by 0.7% to 82.21 EUR/tonne.CO2 EUAEXCHANGE RATES WEDTHUVAR D-1 VAR W-1AVG.MAXMIN 26/1127/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1577 1.15860.00090.00721.12621.18371.0198RATE EUR/GBP0.8776 0.8754-0.0022-0.00610.85520.88460.8253RATE GBP/EUR1.1395 1.14230.00280.00791.16981.21171.1305The EUR/USD pair held at 1.1586 on Thursday, amid thin liquidity as USmarkets were closed for Thanksgiving. Expectations of a Fed rate cut,supported by soft inflation, weak retail sales, and fading confidence, kept thedollar under pressure, with FedWatch pricing an 85% chance of a 25 bps cut.Eurozone consumer confidence rose slightly, while ECB officials remainedcautious.In contrast, the EUR/GBP rate eased by 0.3% to 0.8754, as the UK AutumnBudget revealed higher-than-expected fiscal headroom, with the OBRprojecting a £21.7 bn current budget surplus in 2029-30 versus £9.9 bn inMarch.