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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 19/922/9FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202577.55 76.21-1.34-0.5472.5683.9360.94CO2 EUA DEC 202679.59 78.24-1.35-0.5174.5486.3562.54CO2 EUA DEC 202781.88 80.51-1.37-0.5376.8389.0764.54CO2 EUA DEC 202884.42 83.06-1.36-0.4979.4091.9466.86UK ETS DEC 25 EUR 66.15 64.71-1.44-1.0155.7067.0437.35UK ETS DEC 26 EUR 69.18 67.74-1.44-0.8958.2870.0439.48UK ETS DEC 27 EUR 72.27 70.82-1.45-1.0461.0273.1442.14EU carbon prices fell to a one-week low on Monday as technical selling andweaker gas markets signaled the end of September’s rally, with analystspointing to ‘bullish exhaustion. As a result, EUAs expiring in Dec-2025 fell by1.7% to 76.21 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 19/922/9FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1736 1.17810.00450.00151.11731.18371.0198RATE EUR/GBP0.8708 0.87290.00210.00880.85010.87290.8253RATE GBP/EUR1.1484 1.1456-0.0028-0.01171.17671.21171.1456The Euro weakened against the Dollar after the Fed cut rates by 25 bps to4.00–4.25% and signalled two more cuts before the end of 2025, while theECB’s steadier stance contrasted with the dovish U.S. outlook. The EUR/USDedged 0.3% higher at 1.1781. The Euro strengthened against the Pound on UKfiscal concerns after rising public borrowing, while traders awaited SeptemberPMI data from both the Eurozone and the UK. The EUR/GBP rate traded 0.2%higher at 0.8729.