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CARBON (€/T) THUFRI VAR D-1 VAR W-1AVG.MAXMIN 26/327/3FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202671.65 71.670.024.0177.8292.2463.65CO2 EUA DEC 202774.29 74.330.044.2380.1394.8065.92CO2 EUA DEC 202876.94 76.960.024.4282.6697.7368.21CO2 EUA DEC 202979.74 79.950.214.7585.56101.0470.83UK ETS DEC 26 EUR 43.92 42.72-1.2-0.2561.1484.0240.13UK ETS DEC 27 EUR 46.40 45.19-1.21-0.0363.8687.6142.32UK ETS DEC 28 EUR 48.86 47.65-1.21-0.0466.9391.4644.79Carbon markets in Europe ended Friday with minimal changes, as tradersadopted a wait-and-see approach ahead of forthcoming European Commissionreforms, including adjustments to the Market Stability Reserve. Consequently,the EUAs expiring in Dec-2026 held at 71.67 EUR/tonne.CO2 EUAEXCHANGE RATES THUFRIVAR D-1 VAR W-1AVG.MAXMIN 26/327/3FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1539 1.1517-0.0022-0.00381.17041.19741.1476RATE EUR/GBP0.8651 0.86720.00210.00280.86840.87630.8616RATE GBP/EUR1.1559 1.1531-0.0028-0.00381.15151.16061.1412The EUR/USD pair slipped by 0.2% to 1.1517 as the Euro continued toweaken, pressured by rising oil costs and inflation, with Spain’s CPI reaching3.3% year-on-year, raising the likelihood of an ECB rate increase.The EUR/GBP rate added 0.2% to 0.8672, as stronger-than-expected FebruaryRetail Sales had little impact on Sterling. Overall consumption fell 0.4% inFebruary following a 2% rise in January, smaller than the expected 0.8%decline, while Core Sales also slowed. The data had limited market impact as itpredates the Iran war; March numbers, reflecting oil-driven price pressures andlower confidence, are expected to be more market-relevant.