European morning wrap: It's Monday and a US holiday. I didn't expect much in the way of action and I wasn't disappointed

Greece PM Papademos:  Greece aims to complete bond swap, new economic program in next two-three weeks - CNBC interview ECB seen buying Italian and Spanish bonds this morning German FinMin:  Expects FinMins to be able to conclude discussions on bringing forward ESM next week Moody's:  Still assessing its stable outlook on France's AAA rating BOJ downgrades assessments of 7 regional economies Fitch revises Russia's long term rating to stable from positive IMF executive Lipton:  By 2020 Asia economy will be larger than G7 Swiss franc is the most overvalued currency in the World - Big Mac Index UK back in recession and no interest rates rise 'until 2016' - Telegraph I thought I'd go for my longest wrap headline eva. I think I succeeded. D'ya think it'll draw the punters in?  Personally couldn't give a toss whether it does or it doesn't. EUR/USD up marginally at 1.2670 from early 1.2640, having been up to the heady heights of 1.2781.  Middle Eastern buying has been notable this morning. Sell orders now seen clustered 1.2680/00, buy stops just above there. Buy orders clustered down at 1.2600/20 ahead of well-touted 1.2600 barrier interest.  Sell stops below there. Cable effectively unchanged at 1.5305.  Middle Eastern buying been noted in this pairing as well. USD/CHF effectively unchanged at .9540.  EUR/CHF very marginally firmer at 1.2085 from early 1.2070.  Market wary of SNB intervention, although we've heard nothing on that front to be honest. Talk of 1.2050 barrier interest.