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When asked about the German court ruling on the European Central Bank’s bond-buying programmes, a European Commission spokesperson said that the EU law has primacy over national laws, as reported by Reuters. “The European top court rulings are binding for all national courts,” the spokesman added.

Market reaction

The shared currency remains on the back foot following these comments. As of writing, the EUR/USD pair was trading at 1.0835, losing 0.65% on a daily basis, and the EUR/GBP pair was down 0.66% on the day at 0.8704.