The EURUSD remained in a tight range on Tuesday morning as investors waited for the upcoming US consumer confidence data and FOMC decision.
remained under intense pressure as investors remained concerned about Europe's energy crisis. In a statement on Monday, Gazprom said that it will cut daily gas deliveries via the important Nord Stream 1 pipeline by 20%.
This means that the company will only deliver about 33 million cubic meters starting on Wednesday this week. Nord Stream 1 pipeline starts at Saint Petersburg and ends in Germany. The company has already slashed gas deliveries to Europe in the past few months. Therefore, there are concerns about how the European economy will perform since the bloc does not have any immediate sources that can completely compensate for Russian gas. As such, countries like Germany will likely move to gas rationing in the next few months.
Data published on Monday showed that German companies are worried about energy. According to the IFO Institute, Germany's current assessment declined from 99.4 to 97.7 while business expectations dropped from 85.5 to 80.3. These numbers came less than a week after the European Central Bank decided to hike interest rates for the first time in more than 10 years.
The next important mover for the EUR/USD pair will be the upcoming US consumer confidence data and house price index numbers. Analysts expect the data to show that home prices remained at elevated levels while consumer confidence declined to 97.7. These numbers will come as the Fed starts its monthly meeting. It is expected to deliver another large interest rate hike on Wednesday.It is trading at 1.0225, which is slightly below last week's high of 1.0276.
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