The energy crisis keeps the European FX markets on edge. Uncertainty about energy supplies (quantities and prices) over the coming months is elevated and clouds Europe's economic outlook. While this week's meeting of EU energy ministers might bring some (short-term) relief, we expect FX volatility to stay high. In this environment central banks can opt for stabilizing FX markets (mainly via FX interventions), but the general hawkish attitude among central banks might not be enough to trigger sustained rebounds as long as the political and economic uncertainty is that high. With EUR/USD having fallen below parity all eyes are on tomorrow's ECB meeting.