European morning wrap: Inertia rools ok :(

Bank of Italy Gov:  Italy must boost growth Dutch FinMin: Can't predict success of Greek PSI debt writedown (who can?) Dutch FinMin: Netherlands willing to increase size of euro zone rescue fund Swiss February unadj unemployment rate 3.4%. Seasonally adjusted 3.1%. Both exactly as expected Spain January calendar-adjusted industrial output -4.2% y/y, weaker than Reuter's median forecast of -3.9% y/y German January factory orders -2.7% m/m, demonstrably weaker than Reuter's median forecast of +0.5% That was one of the crappiest trading sessions in living memory.  Forex markets have ground to a halt ahead of  Greek PSI deadline. We sit at 1.3138 from the 1.3147 which greeted me first thing.  We've got rumoured 1.3100 barrier option interest to the South and real money sell orders to the north at 1.3180/00, and neither has looked remotely in danger of being engaged. We saw a brief rally which was helped by Jager's comment that Netherlands willing to increase size of euro zone rescue fund, but that was nipped in the bud by really poor German factory orders. USD/JPY sits at 80.73, to the pip where it was when I parked my bum first thing GBP/USD sits at 1.5730, to the pip where it was when I parked my bum first thing USD/CHF sits at .9173, to the pip where it was when I parked my bum first thing Y'all getting the picture now?