Page 28 - Demo

CARBON (€/T) WED THU VAR D-1 VAR W-1AVG.MAXMIN 10/12 11/12FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202582.42 83.901.481.4774.2783.9360.94CO2 EUA DEC 202684.70 86.201.51.5676.2886.3562.54CO2 EUA DEC 202787.37 88.931.561.8378.5989.0764.54CO2 EUA DEC 202890.30 92.031.732.1881.1792.0366.86UK ETS DEC 25 EUR 63.67 64.080.41-0.9157.7467.0437.35UK ETS DEC 26 EUR 66.57 66.950.38-0.9660.4070.0439.48UK ETS DEC 27 EUR 69.66 70.080.42-0.9263.2273.1442.14European carbon prices strengthened on Thursday with the market shiftingfocus from Wednesday’s December options expiry to the outlook for medium-term supply. A typical year-end rally is expected for EUAs. As a result, the EUAsexpiring in Dec-2025 added 1.8% to end at 83.90 EUR/tonne.CO2 EUAEXCHANGE RATES WEDTHUVAR D-1 VAR W-1AVG.MAXMIN 10/1211/12FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1634 1.17140.0080.00481.12771.18371.0198RATE EUR/GBP0.8741 0.87510.0010.00060.85600.88460.8253RATE GBP/EUR1.1440 1.1427-0.0013-0.00081.16871.21171.1305The EUR/USD pair increased by 0.7% to 1.1714 on Thursday, following theFed’s 25 bps rate cut to 3.50%-3.75% and weaker-than-expected US job data.Initial Jobless Claims rose to 236,000 for the week ending December 6, aboveforecasts, while Continuing Claims fell to 1.838 million, signalling a coolinglabour market consistent with the Fed’s concerns about employment risks.Meanwhile, the EUR/GBP rate inched up by 0.1% to 0.8751 supported by theEuro’s negative correlation with the dollar. Attention now turns to Friday’s UKGDP release, expected to show modest 0.1% growth in October. While a returnto expansion may be welcomed, such a small increase is unlikely to providesignificant support for the Pound.