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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 9/12 10/12FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202582.85 82.42-0.430.6374.2383.9360.94CO2 EUA DEC 202685.12 84.70-0.420.776.2486.3562.54CO2 EUA DEC 202787.73 87.37-0.360.9278.5489.0764.54CO2 EUA DEC 202890.63 90.30-0.331.0781.1391.9466.86UK ETS DEC 25 EUR 64.34 63.67-0.67-0.8757.7267.0437.35UK ETS DEC 26 EUR 67.27 66.57-0.7-0.9160.3870.0439.48UK ETS DEC 27 EUR 70.36 69.66-0.7-0.9163.1973.1442.14On Wednesday, European carbon prices softened amid profit-taking after theICE Commitment of Traders report revealed that investment funds’ net-longEUA positions climbed to 113.3 m tonnes, up 3.6 m from the previous week. Asa result, the EUAs expiring in Dec-2025 slipped by 0.5% to end at 82.42EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 9/1210/12FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1637 1.1634-0.0003-0.00341.12761.18371.0198RATE EUR/GBP0.8735 0.87410.0006-0.00250.85590.88460.8253RATE GBP/EUR1.1448 1.1440-0.00080.00321.16881.21171.1305The EUR/USD pair was little changed at 1.1634 on Wednesday, with FXmarkets in wait-and-see mode ahead of the Federal Reserve’s rate decision.Meanwhile, the EUR/GBP rate inched up by 0.1% to 0.8741 as the Poundremained subdued amid a quiet UK data calendar. With no new indicators toguide markets, traders focused on Tuesday’s testimony from BoE officials,whose contrasting views on inflation underscored the bank’s recent 5–4 policysplit. The mixed signals, combined with expectations that the upcoming budgetcould ease inflation, left Sterling lacking direction.