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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 22/825/8FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202572.53 72.19-0.340.3772.2183.9360.94CO2 EUA DEC 202674.47 74.14-0.330.3974.1986.3562.54CO2 EUA DEC 202776.69 76.36-0.330.3776.4989.0764.54CO2 EUA DEC 202879.25 78.98-0.270.3979.0691.9466.86UK ETS DEC 25 EUR 60.32 60.27-0.051.1154.6965.4337.35UK ETS DEC 26 EUR 63.11 63.07-0.041.357.2368.3639.48UK ETS DEC 27 EUR 65.89 65.84-0.051.2959.9470.8642.14European carbon prices softened on Monday, following gas market weaknessand muted activity due to the UK public holiday. Analysts expect the market toremain largely rangebound this week, with the EUAs expiring in Dec-2025slipping by 0.5% to 72.19 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 22/825/8FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1608 1.16970.00890.00371.11101.18101.0198RATE EUR/GBP0.8653 0.86590.00060.00250.84810.87170.8253RATE GBP/EUR1.1557 1.1549-0.0008-0.00331.17941.21171.1472The euro strengthened on Monday against both the dollar and the pound. TheEUR/USD pair edged 0.8% higher at 1.1697, as expectations for a SeptemberFed rate cut grew following dovish remarks from Chair Jerome Powell atJackson Hole. Powell highlighted mounting risks to the U.S. labour market,though inflation remains a concern.The EUR/GBP rate gained marginally to 0.8659, after ECB President Lagardenoted Europe’s labour market has far outperformed expectations, withemployment expanding 4.1% between late 2021 and mid-2025 - nearlymatching economic growth and double the pace suggested by standardeconomic models.