German Chancellor Olaf Scholz said on Thursday that they are planning to lower the sales tax on gas to 7% temporarily through March 2024, as reported by Reuters.

Scholz further noted that the German government agreed that consumers should not incur further costs from sales tax on gas.

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was down 0.12% on the day at 1.0168. Meanwhile, Germany's DAX 30 Index was last seen rising 0.8% on a daily basis at 13,742.