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CARBON (€/T) MON TUE VAR D-1 VAR W-1AVG.MAXMIN 24/11 25/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202580.61 81.871.260.6573.8583.9360.94CO2 EUA DEC 202682.75 84.041.290.6375.8586.3562.54CO2 EUA DEC 202785.15 86.431.280.6478.1589.0764.54CO2 EUA DEC 202887.88 89.131.250.6980.7291.9466.86UK ETS DEC 25 EUR 65.71 66.290.581.6857.3967.0437.35UK ETS DEC 26 EUR 68.68 69.290.611.6960.0470.0439.48UK ETS DEC 27 EUR 71.86 72.470.611.8162.8473.1442.14European carbon prices rose on Tuesday, supported by repositioning ahead ofDec-25 options and futures expiry and by participants securing spot allowancesbefore the year-end auction pause. Consequently, the EUAs expiring in Dec-2025 soared by 1.6% to 81.87 EUR/tonne.CO2 EUAEXCHANGE RATES MONTUEVAR D-1 VAR W-1AVG.MAXMIN 24/1125/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1544 1.15510.0007-0.00391.12601.18371.0198RATE EUR/GBP0.8804 0.8788-0.0016-0.00330.85500.88460.8253RATE GBP/EUR1.1358 1.13790.00210.00421.17001.21171.1305The EUR/USD pair edged 0.1% higher at 1.1551 on Tuesday, supported by asofter US Dollar after data strengthened expectations that the Federal Reservecould start cutting rates in December. US figures pointed to easing inflation,weaker consumer spending, and growing pessimism over employment, income,and financial outlook.In contrast, the EUR/GBP rate slipped by 0.2% to 0.8788 ahead of the UKbudget announcement. Meanwhile, Germany’s GDP results matched bothforecasts and previous readings, confirming that the economy stagnated in Q32025.