European market wrap: I've got the feeling the market's waiting for something

Swiss Social Democrat Party calls on SNB to raise cap on EUR/CHF - Tages Anzeiger Belgian 2012 budget rejected by European Commission - De Morgen ECB's Noyer:  Euro is strong. No doubt it will continue to exist IMF's Lagarde:  IMF to revise global growth forecast "downward"  Does not think "2012 will be end of the euro currency"  (thanks for ringing endorsement) ECB buys Italian bonds UK Halifax house price index -0.9% m/m, -1.3% y/y, weaker than Reuters' median forecasts of +0.2%, -0.8% respectively Euro zone December business climate -0.31 vs revised -0.42 in November (prev -0.44),  better than median forecast -0.50 Euro zone November retail sales -0.8% m/m, -2.5% y/y, much weaker than Reuters' median forecasts -0.2%, -0.8%  respectively Euro zone November unemployment unchanged at 10.3%, as expected German November industrial orders -4.8% m/m, much weaker than Reuters' median poll of -1.7% Portugal PM:  We will meet bailout targets in 2012, create conditions for growth Here we go again: US $25 million away from debt ceiling breach - Zerohedge I've just got a feeling in my water that the market is waiting for something, but can't work out what.  Narrow ranges have prevailed this morning.  EUR/USD sits at 1.2785, hardly changed on the day.  The pairing rallied early and edged slowly over 1.2800. ForexLive then reported sell orders clustered up at 1.2810/20.  We got to 1.2812 session high and that was that and down we slowly drifted.  Who's better than us?  Answer: Absolutely no one :) Light stops seen above 1.2820.  On downside buy orders clustered  1.2750/60 ahead of 1.2750 barrier interest. Hopefully whatever the market's waiting for will soon break us out of this current malaise.