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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 25/11 26/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202581.87 81.68-0.191.0273.8983.9360.94CO2 EUA DEC 202684.04 83.86-0.181.0475.8886.3562.54CO2 EUA DEC 202786.43 86.26-0.171.0478.1889.0764.54CO2 EUA DEC 202889.13 88.98-0.151.0580.7691.9466.86UK ETS DEC 25 EUR 66.29 65.86-0.431.1657.4267.0437.35UK ETS DEC 26 EUR 69.29 68.85-0.441.1560.0770.0439.48UK ETS DEC 27 EUR 72.47 72.04-0.431.2862.8873.1442.14European carbon prices decreased on Wednesday, pressured by weekly datarevealing that investment funds had reduced their net positions for the first timein a month. As a result, the EUAs expiring in Dec-2025 slipped by 0.2% to81.68 EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 25/1126/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1551 1.15770.0026-0.00061.12611.18371.0198RATE EUR/GBP0.8788 0.8776-0.0012-0.00510.85510.88460.8253RATE GBP/EUR1.1379 1.13950.00160.00661.16991.21171.1305The EUR/USD pair edged 0.2% higher at 1.1577 on Wednesday, as US datafailed to shift dovish Fed expectations. September Durable Goods Orders roseby 0.5% (0.3% expected), with core orders up by 0.6%, while initial joblessclaims came in at 216K, below the 225K forecast. Markets still price an ~80%chance of a 25 bps Fed cut in December, supporting Euro strength amid ECBrate-hold expectations.In contrast, the EUR/GBP rate eased by 0.1% to 0.8776, after the UK budget,which raised £26 bn in taxes, was well received. Chancellor Reeves noted£22 bn of fiscal headroom, though the Office for Budget Responsibility (OBR)cautioned that the manoeuvre space remains “small”.