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It also reacted to the decision by European ministers to cap gas prices in the region. It was trading at 1.0600, which was slightly lower than this week’s high of 1.0735.The European gas crisis could get worse in the coming months if the European Parliament passes the new proposal by ministers. Ministers of the bloc voted to cap gas prices in the bloc when they hit 180 euros per megawatt for three days.
The deal means that some gas traders could be forced to find other markets that are willing to pay higher prices. Hungary voted against the measure while Austria and Netherlands voted against it. According to ICE, more traders will move to over-the-counter , which are less regulated. Europe needs stable gas supplies now that Russia has decided to cut its supplies.
The vote came a few days after the European Central Bank decided to hike interest rates by 0.50%. In its statement, the bank said that it will continue hiking interest rates in the coming months. Like theThe EUR/USD also reacted mildly to the latest German business confidence data. Business expectations rose from 80.2 in November to 83.2 in December. In the same period, the current assessment increased from 93.2 to 94.4 while the Ifo business climate rose to 88.6. Business sentiment is an important metric because of the jobs they create.
The next data to watch will be the latest American business permits and housing starts data. Economists expect these numbers to reveal that permits and starts dropped in November,The four-hour chart shows that the EUR/USD price has been in a consolidation phase in the past few days. It is trading at 1.0600, which is along the lower side of the rising channel.
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