European morning wrap: Should have gone Christmas shopping…..

By: Gerry Davies

Abe pledges to make BOJ buy bonds - The Japan Times SNB's Moser:  Franc is 'still overvalued' at 1.20 per euro DepMin German FinMin Kampeter:  US must send signals on fighting fiscal cliff.  Indicators for Greece are pointing up Austrian FinMin Fekter: Greece cannot expect additional aid or debt haircut for public finances Italy PM Monti:  No guarantees about future but confident next government will continue reform path after election Spanish banks bad loans 10.7% in September, up from 10.5% in August - Bank of Spain Italy September industry orders sa -4.0% m/m, -12.8% y/y. September industry sales sa -4.2% m/m, wda -5.4% y/y Euro area September construction output -1.4% m/m, -2.6% y/y More QE is still an option, says Bank policy-maker - The Telegraph Merkel's day of reckoning as taxpayer haircut on Greece looms - AEP at The Telegraph Popularity of France's Hollande continues decline: poll Japanese opposition LDP keeps lead before vote: poll EUR/USD was 1.2760 when I arrived two years ago (well it feels like two years, what can I tell ya), and it's now 1.2770.  If you want me to describe price action this morning you can forget it. Anyways, some buy stops apparently around 1.2790 (must be nuts, insane place to put stop order) Sell orders clustered 1.2800/10,  buy stops above there or through 1.2715 9take your pick, what's 5 pips between friends) Buy orders clustered 1.2720/30, sell stops below there and more through 1.2700.