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CARBON (€/T) MON TUE VAR D-1 VAR W-1AVG.MAXMIN 25/826/8FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202572.19 72.750.561.5972.2283.9360.94CO2 EUA DEC 202674.14 74.690.551.6174.1986.3562.54CO2 EUA DEC 202776.36 76.900.541.5976.4989.0764.54CO2 EUA DEC 202878.98 79.470.491.5979.0791.9466.86UK ETS DEC 25 EUR 60.27 60.380.111.8454.7365.4337.35UK ETS DEC 26 EUR 63.07 63.110.041.9457.2768.3639.48UK ETS DEC 27 EUR 65.84 65.990.152.0459.9770.8642.14European carbon prices recovered on Tuesday, despite losses on the gasmarket. The EUAs expiring in Dec-2025 increased by 0.8% closing at 72.75EUR/tonne.CO2 EUAEXCHANGE RATES MONTUEVAR D-1 VAR W-1AVG.MAXMIN 25/826/8FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1697 1.1656-0.0041-0.00261.11121.18101.0198RATE EUR/GBP0.8659 0.8642-0.00170.00020.84810.87170.8253RATE GBP/EUR1.1549 1.15710.0022-0.00031.17931.21171.1472The U.S. dollar edged higher versus the euro, shrugging off concerns aboutFederal Reserve independence after President Trump’s attempt to remove FedGovernor Lisa Cook. Meanwhile, political turmoil in France put pressure on theeuro. As a result, the EUR/USD pair fell by 0.4% to 1.1656.Sterling remained firm, underpinned by the Bank of England’s hawkish outlookand minimal expectations for imminent rate cuts. Thus, the EUR/GBP rateslipped by 0.2% to 0.8642.