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FXstreet.com (Barcelona) - Having gained overnight due to BoJ decision to hold rate and extend its APP programme, EUR/USD met resistance at 1.3084.

Since, the pair has steadily retraced throughout the early European session and looked like it had found support at 1.3060. However, reports have circulated that the Ruling German Coalition Lawmakers have proposed to Parliament that the ECB should only supervise systemically relevant or cross border banks. The details include a proposal that Europe wide rules on bank restructuring should only apply to systemically relevant bans and that bank deposit insurance should not be harmonised throughout the whole of Europe. The market looks to have viewed this as an attempt at watering down and price has plunged to make a low at 1.3024. Elsewhere, extremely poor Swiss ZEW survey figures (-34.9/-25 exp) and Weak YoY and MoM EU Construction figures have compounded the sudden negative risk sentiment.

European stocks have moved into the red whilst commodities remain buoyant. Spanish and Italian yields remain lower but stable.

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