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CARBON (€/T) MON TUE VAR D-1 VAR W-1AVG.MAXMIN 3/114/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202581.20 82.311.113.9973.3783.9360.94CO2 EUA DEC 202683.28 84.411.134.0675.3686.3562.54CO2 EUA DEC 202785.60 86.731.134.1477.6589.0764.54CO2 EUA DEC 202888.20 89.331.134.2180.2291.9466.86UK ETS DEC 25 EUR 66.15 66.570.423.4356.8767.0437.35UK ETS DEC 26 EUR 69.07 69.480.413.5659.4970.0439.48UK ETS DEC 27 EUR 72.15 72.550.43.6362.2873.1442.14European carbon prices rose on Tuesday, driven by compliance-relatedpurchases, optimism over Germany’s upcoming industrial power subsidyscheme, and CoT data indicating that investment funds held more than 100million long positions in carbon. As a result, the EUAs expiring in Dec-2025increased by 1.4% to 82.31 EUR/tonne.CO2 EUAEXCHANGE RATES MONTUEVAR D-1 VAR W-1AVG.MAXMIN 3/114/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1514 1.1491-0.0023-0.01391.12391.18371.0198RATE EUR/GBP0.8765 0.87950.0030.00350.85320.88160.8253RATE GBP/EUR1.1409 1.1370-0.0039-0.00461.17241.21171.1343The EUR/USD pair declined by 0.2% to 1.1491, pressured by renewed demandfor the US Dollar after Fed Chair Jerome Powell signalled that another rate cutin December is “not a foregone conclusion”, supporting a higher-for-longerpolicy outlook despite mixed views on inflation and labour-market softness.In contrast, the EUR/GBP rate gained 0.3% to settle at 0.8795 ahead of theBank of England’s Thursday meeting, where rates are expected to remain at4.0%, though markets see a roughly one-in-three chance of a 25-bps cutfollowing softer inflation and wage data.