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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 2/123/12FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202581.82 81.79-0.030.1174.0683.9360.94CO2 EUA DEC 202684.03 84.00-0.030.1476.0686.3562.54CO2 EUA DEC 202786.49 86.45-0.040.1978.3689.0764.54CO2 EUA DEC 202889.26 89.23-0.030.2580.9491.9466.86UK ETS DEC 25 EUR 63.83 64.540.71-1.3257.5867.0437.35UK ETS DEC 26 EUR 66.74 67.480.74-1.3760.2470.0439.48UK ETS DEC 27 EUR 69.82 70.570.75-1.4763.0473.1442.14European carbon prices finished Wednesday largely unchanged, with weeklydata showing speculators at a record net long in EUAs and their biggest netshort in TTF gas since mid-2023. Consequently, the EUAs expiring in Dec-2025settled at 81.79 EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 2/123/12FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1614 1.16680.00540.00911.12681.18371.0198RATE EUR/GBP0.8796 0.8766-0.003-0.0010.85550.88460.8253RATE GBP/EUR1.1369 1.14080.00390.00131.16931.21171.1305The EUR/USD pair added 0.5%, closing at 1.1668, as weak US jobs data,including the fastest private-sector layoffs since 2023 (ADP report), reinforcedexpectations of a 25-bps Fed rate cut at the December meeting. EurozoneHCOB Services and Composite PMIs improved in November, with Germanyand France expanding and Spain showing a mild slowdown.Meanwhile, the EUR/GBP rate slipped by 0.3% to 0.8766, amid post-budgetvolatility. The UK’s final services PMI for November was revised up to 51.3,indicating a less severe slowdown than previously thought. However, dovishexpectations from the BoE, softer inflation, and a cooling labour market maylimit upside for GBP, keeping potential rate cuts on the table.