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CARBON (€/T) WED THU VAR D-1 VAR W-1AVG.MAXMIN 3/124/12FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202581.79 82.430.640.2274.1083.9360.94CO2 EUA DEC 202684.00 84.640.640.2776.1086.3562.54CO2 EUA DEC 202786.45 87.100.650.3178.4089.0764.54CO2 EUA DEC 202889.23 89.850.620.4180.9891.9466.86UK ETS DEC 25 EUR 64.54 64.990.45-0.257.6167.0437.35UK ETS DEC 26 EUR 67.48 67.910.43-0.2760.2770.0439.48UK ETS DEC 27 EUR 70.57 71.000.43-0.3463.0873.1442.14European carbon prices increased on Thursday as traders adjusted positionsahead of the December options expiry on the 10th and futures expiry on the15th. However, analysts also noted that recent record-long positioning leavesroom for near-term profit-taking. Consequently, the EUAs expiring in Dec-2025traded 0.8% higher at 82.43 EUR/tonne.CO2 EUAEXCHANGE RATES WEDTHUVAR D-1 VAR W-1AVG.MAXMIN 3/124/12FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1668 1.1666-0.00020.0081.12691.18371.0198RATE EUR/GBP0.8766 0.8745-0.0021-0.00090.85560.88460.8253RATE GBP/EUR1.1408 1.14350.00270.00121.16921.21171.1305The EUR/USD pair held at 1.1666 on Thursday, due to modest US Dollarstrength and mixed Eurozone data. US labour-market data showedimprovement, as Challenger Job Cuts dropped to 71.3K in November and InitialJobless Claims fell to 191K, signalling fewer layoffs. Eurozone Retail Saleswere flat MoM in October, while annual growth of 1.5% slightly exceededforecasts, ahead of Friday’s Q3 Employment and GDP releases.Meanwhile, the EUR/GBP rate slipped by 0.2% to 0.8745, amid investor reliefover the UK budget. The Pound was supported by £26 bn of planned tax rises,upgraded 2025 GDP forecasts, and robust services activity, driving broadstrength across markets.