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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 10/413/4FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202672.84 72.59-0.250.977.0792.2463.65CO2 EUA DEC 202775.35 75.16-0.190.8979.4294.8065.92CO2 EUA DEC 202877.99 77.80-0.190.9681.9697.7368.21UK ETS DEC 26 EUR 49.81 50.080.272.4959.1484.0240.13UK ETS DEC 27 EUR 52.38 52.660.282.5161.8487.6142.32UK ETS DEC 28 EUR 55.06 55.330.272.5364.8391.4644.79On Monday, European carbon markets moved lower as geopolitical risks keptsentiment subdued. Consequently, the EUAs expiring in Dec-2026 slipped by0.3% to 72.59 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 10/413/4FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1711 1.1684-0.00270.01431.16891.19741.1476RATE EUR/GBP0.8710 0.8706-0.0004-0.00140.86880.87630.8616RATE GBP/EUR1.1480 1.14870.00070.00191.15101.16061.1412The EUR/USD pair slipped by 0.2% to 1.1684 as failed US–Iran peace talksand the threat of a Strait of Hormuz blockade lifted oil prices and boosteddemand for the safe-haven US dollar. However, euro downside remainedlimited on hopes of de-escalation.The EUR/GBP rate was steady at 0.8706 as markets balanced weakersentiment with hopes that the ceasefire could still hold.