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CARBON (€/T) WED THU VAR D-1 VAR W-1AVG.MAXMIN 8/49/4FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202671.67 73.722.052.0377.2092.2463.65CO2 EUA DEC 202774.09 76.242.151.9779.5494.8065.92CO2 EUA DEC 202876.64 78.882.242.0482.0897.7368.21UK ETS DEC 26 EUR 48.52 49.280.761.7259.4084.0240.13UK ETS DEC 27 EUR 51.08 51.850.771.7362.1087.6142.32UK ETS DEC 28 EUR 53.83 54.530.71.7665.1191.4644.79European carbon prices moved higher on Thursday, with the market showinglittle reaction to initial reports that EU ETS emissions fell by around 1.5% in2025. Analysts noted the figures were unlikely to have a significant priceimpact, given ongoing uncertainty in the market. Against this backdrop, theEUAs expiring in Dec-2026 rose by nearly 3% to 73.72 EUR/tonne.CO2 EUAEXCHANGE RATES WEDTHUVAR D-1 VAR W-1AVG.MAXMIN 8/49/4FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1706 1.1685-0.00210.0161.16881.19741.1476RATE EUR/GBP0.8689 0.87050.0016-0.0020.86870.87630.8616RATE GBP/EUR1.1508 1.1487-0.00210.00261.15111.16061.1412The EUR/USD pair slipped by 0.2% to 1.1685, as traders stayed cautious overthe ceasefire’s durability after reported violations by Iran. Geopolitical tensionsovershadowed US data. Core PCE met expectations at 0.4% MoM and 3%YoY, while GDP was revised lower and jobless claims exceeded forecasts,supporting a cautious Fed stance.Meanwhile, the EUR/GBP rate edged 0.2% higher at 0.8705, with the euroholding firm despite weaker German industrial output. Focus now turns toGermany’s HICP data, while in the UK, rate hike expectations have cooled, withBoE Governor Andrew Bailey signalling a pause.