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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 6/39/3FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202670.57 70.900.330.3380.3792.2469.18CO2 EUA DEC 202772.78 73.210.430.6582.6494.8071.09CO2 EUA DEC 202875.14 75.580.440.8785.2097.7373.28CO2 EUA DEC 202977.80 78.270.471.0788.16101.0475.83UK ETS DEC 26 EUR 46.24 44.91-1.33-6.7266.2584.0244.91UK ETS DEC 27 EUR 48.45 47.26-1.19-6.5769.1187.6147.26UK ETS DEC 28 EUR 50.93 49.74-1.19-6.5572.3591.4649.74Despite increased coal use across Europe’s power fleet, European carbonmarkets showed only modest strength on Monday as uncertainty aroundpotential EU ETS reforms and the risk of political intervention to ease energyprices limited further gains. Consequently, the EUAs expiring in Dec-2026inched up by 0.5% to 70.90 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 6/39/3FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1561 1.1555-0.0006-0.01431.17541.19741.1555RATE EUR/GBP0.8669 0.8653-0.0016-0.00860.86950.87630.8616RATE GBP/EUR1.1535 1.15570.00220.01141.15021.16061.1412The EUR/USD pair remained broadly steady at 1.1555 as markets reassessedthe ECB and Fed outlook amid surging oil prices, which have revived globalinflation concerns. Traders are now pricing in up to two 25-bp ECB rate hikesthis year.The EUR/GBP rate slipped to 0.8653 after weak German data showedindustrial production falling 0.5% MoM in January and factory orders plunging11.1%.