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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 21/11 24/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202580.41 80.610.20.6973.8283.9360.94CO2 EUA DEC 202682.55 82.750.20.6675.8186.3562.54CO2 EUA DEC 202784.94 85.150.210.6878.1189.0764.54CO2 EUA DEC 202887.67 87.880.210.7680.6891.9466.86UK ETS DEC 25 EUR 65.63 65.710.081.4157.3567.0437.35UK ETS DEC 26 EUR 68.63 68.680.051.3660.0070.0439.48UK ETS DEC 27 EUR 71.80 71.860.061.4762.7973.1442.14After slipping earlier in the day, European carbon prices staged a late recoveryon Monday, helped by the Dec-2025 contract holding key support levels.Consequently, the EUAs expiring in Dec-2025 edged 0.3% higher at 80.61EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 21/1124/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1520 1.15440.0024-0.00491.12591.18371.0198RATE EUR/GBP0.8803 0.88040.00010.00090.85500.88460.8253RATE GBP/EUR1.1360 1.1358-0.0002-0.00121.17001.21171.1305The EUR/USD pair added 0.2% to settle at 1.1544 on Monday, as the US Dollarconsolidated despite dovish Fed comments that increased expectations of aDecember rate cut. The Federal Open Market Committee (FOMC) remainssplit, but remarks from officials lifted hopes for lower borrowing costs at theDec. 9–10 meeting.Meanwhile, the EUR/GBP rate held at 0.8804, ahead of the UK Autumn Budget,with German IFO data limiting gains. Germany’s November IFO survey showedsofter sentiment, with the Expectations index at 90.6 and Business Climate at88.1, providing little support for the Euro despite a modest rebound.