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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 7/11 10/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202579.47 79.960.49-1.2473.5083.9360.94CO2 EUA DEC 202681.56 82.060.5-1.2275.4986.3562.54CO2 EUA DEC 202783.87 84.370.5-1.2377.7889.0764.54CO2 EUA DEC 202886.49 86.970.48-1.2380.3591.9466.86UK ETS DEC 25 EUR 62.82 64.491.67-1.6657.0067.0437.35UK ETS DEC 26 EUR 65.62 67.371.75-1.759.6370.0439.48UK ETS DEC 27 EUR 68.59 70.391.8-1.7662.4273.1442.14European carbon prices inched higher on Monday as buyers and sellerscompeted for control, while analysts warned that significant long positions byinvestment funds could pose a risk to the market. The EUAs expiring in Dec-2025 increased by 0.6% to nearly 80 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 7/1110/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1561 1.15710.0010.00571.12451.18371.0198RATE EUR/GBP0.8811 0.8778-0.00330.00130.85380.88160.8253RATE GBP/EUR1.1349 1.13920.0043-0.00171.17171.21171.1343The EUR/USD pair edged up to 1.1571, largely steady as the Dollar recoversslightly on news that the White House supports a deal to end the U.S.shutdown, limiting the Euro’s gains. Diverging monetary policies between theECB and Fed continue to offer some support for the Euro, with markets nowseeing only a 45% chance of an ECB rate cut by September 2026, down fromover 80% in October.Meanwhile, the EUR/GBP rate slipped by 0.4% to 0.8778, as the Pound gainedon positive sentiment around progress in resolving the U.S. shutdown.