While speaking on the  economic challenges, Germany’s Economy Minister Robert Habeck said on Tuesday that “we will be and remain a strong land.”

“15-year term of the deal is great, would have nothing against 20 or more but companies have to be aware of Germany's long-term climate goals,” he said when asked about the LNG deal with Qatar.

He added that there is “no reason to expect a change in supply problem soon, as Nord stream pipelines are destroyed.”

Finally commenting on the US Inflation Reduction Act, Habeck said that “Europe must respond by creating an attractive investment framework.”

Market reaction

EUR/USD is unfazed by the above comments, trading at 1.0375, up 0.43% on a daily basis.