Randomly pick a trio of three currencies in the 12/30/2022 matrix (top currenceies are base), show and explain in detailed steps if, theoretically, there is any opportunity for a cross-currency (triangular) arbitrage. If yes, please carry out the buy/sell transactions to realize the arbitrage (ignoring transaction costs). If no, please carry out the buy/sell transactions to explain why not. No matter yes or no, explain how arbitrage activities will return the exchange rates back to equilibrium if they are out of equilibrium.

10) Spot 11) Forward 12) Fixing \% Change on Day Range Rates are from Composite where Bloomberg BGN is not available. 10) Spot 11) Forward 12) Fixing \% Change on Day Range Rates are from Composite where Bloomberg BGN is not available