Forexlive European Wrap: All quiet before BOE/ECB decisions and the next likely delay..

Troika gives Greece 15 days to find pension cuts alternative
German Govt official: Sees no decision on Thursday evening in Brussels
UK Dec Global goods trade balance -£7.11 bln (cons -$8.6bln) vs rev £-8.91bln in Nov
Greece's labour unions call for 48 strikes from tomorrow in protest against EU/IMF measures
Swiss consumer sentiment at -19 in Q1 after -24 points in Q4
Spanish FinMin: Expects worse contraction in Q1 2012 than Q4 2011
China January passenger car sales fall most in 7 years
China's FX regulator (SAFE):  China to maintain C/A surplus in 2012 despite debt crisis
Greece Nov unemployment up to 20.9% from 18.2% in Oct, Dec Industrial output -11.3% y/y from -7.8% in Nov. Jan consumer inflation 2.3%y/y from 2.4% in Dec

Not the most exhilarating morning as the world waits for some decisions from Greece. Europe has range traded 1.3265-1.3307  this morning  after an early rally flushed out the much reported 1.3300 barrier.

The remainder of the morning saw little action with talk of the mighty BIS sitting on top just above the 1.3300 handle and the dip seen on the back of a  German Govt official's comment that Thursday night's Fin Min  meeting in Brussels wouldn't bring about a decision anyway.

This prompted a small scuttle down through some 1.3270 stops to 1.3265 but it seems like there are plenty of names willing to load up euro's again  down there and we've been treading water since between 1.3270-90

Cable was a bit of a non-event as well, despite improved trade and manufacturing data, trading 1.5824-62 ahead of the BOE announcement where the focus will be on the size  of the asset purchase decision. Most expecting £50 bln ,but apparently some 30% looking to 75 bln.

EUR/GBP eased back on the session from 0.8401 to 0.8371.

USD/JPY slept through a 77.12-24 range,  and EUR/JPY slipped from 102.73 to 102.37 following the  EUR/USD lower.

AUD/USD's been supported by EUR/AUD slippage from 1.2307 to 1.2274, and seems well demanded under 1.0800, but  offers  in the 1.0820/30 zone are currently halting a further run up

EUR/CHF was largely dormant with all eyes on tomorrow's CPI data which could be pivotal for the SNB and the 1.2000 peg,. and was  stuck in a tight 1.2100/10 spread all morning.

Most European bourses have posted small gains of around 0.5%.

Gold and WTI crude  oil have also been biding their time, in $1730-1740 and $98.80-99.40 ranges respectively.