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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 17/420/4FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202677.46 76.13-1.333.5476.9792.2463.65CO2 EUA DEC 202779.97 78.65-1.323.4979.3394.8065.92CO2 EUA DEC 202882.60 81.25-1.353.4581.8897.7368.21UK ETS DEC 26 EUR 59.31 58.43-0.888.3558.9884.0240.13UK ETS DEC 27 EUR 62.20 61.37-0.838.7161.6887.6142.32UK ETS DEC 28 EUR 65.17 64.39-0.789.0664.6891.4644.79European carbon prices weakened on Monday as the Iran situation weighed onsentiment and traders adjusted positions ahead of options expiry. In thiscontext, the EUAs expiring in Dec-2026 fell by around 2% to 76.13 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 17/420/4FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1797 1.1760-0.00370.00761.16951.19741.1476RATE EUR/GBP0.8717 0.8704-0.0013-0.00020.86890.87630.8616RATE GBP/EUR1.1472 1.14880.00160.00011.15091.16061.1412The EUR/USD pair edged 0.3% lower at 1.1760, as US–Iran tensionsdampened risk sentiment. Germany’s PPI rose 2.5% in March, the strongestmonthly gain since 2022, reinforcing inflation risks and adding pressure on theECB following broader EU price increases.The EUR/GBP rate traded flat at 0.8704, as opposing currency drivers kept thepair in a tight range. Sterling was weighed by political scrutiny of PM KeirStarmer over the Mandelson appointment controversy, adding to UKuncertainty. Attention now turns to UK labour data, CPI, and retail sales, wheresofter wage growth and stable unemployment may keep BoE rates on hold.