German Economy Ministry: EU core points on energy price caps are largely in line with our position

A paper published by the German Economy Ministry on Thursday revealed that the European Union’s (EU) core points on energy price caps are largely in line with our position.

Additional takeaways

“The goal is to decouple the electricity price for consumers from the gas price.”

“We are pushing for a European solution, otherwise at the national level.”

“Basic electricity use from households will be subsidized.”

“There will also be a cheaper electricity contingent for smaller and medium-sized businesses.”

Market reaction

EUR/USD is keeping its range around 1.0000, awaiting the ECB policy decision for a fresh directional move.