Klaus Mueller, head of the Bundesnetzagentur regulator, warned on Wednesday that consumers must prepare for more energy price increases.

Mueller said that the emergency phase may not need to be triggered so long as they can add gas to storage. 

Earlier this week, the chief of Germany’s gas regulator said that the country is on the path of decent gas injection levels but is unlikely to reach its gas storage target for November 1.

Market reaction

At the time of writing, EUR/USD is holding onto the recovery gains at around 1.0150, up 0.35% on the day. The Fed decision is likely to be the main event risk this Wednesday.