European morning wrap: Euro sees some marginal improvement

French FinMin Moscovici:  Spain's bailout is 'decisive, convincing'    (yer right) Fitch's Parker:  Spain will miss  budget deficit target in 2012 and 2013 by considerable margin Fitch: ECB third LTRO 'increasingly likely.' Greek euro exit would make additional LTRO inevitable Spanish 10 year govt bond yield continues to climb, presently at 6.60% from early 6.45% Swiss govt sees 2012 growth at +1.4% (previous forecast +0.8%) Swiss govt firmly behind SNB's franc policy.  Swiss industry, tourism struggling with franc - Govt official UK April industrial production flat m/m, -1.0% y/y, pretty much as expected Roubini says pulling plug on Greece destroys euro, Bild reports Credit Suisse explains "The Real Issue", and why there is two months tops until France is in the bulls eye - Zerohedge Euro has had a better day. EUR/USD is up at 1.2520 from early 1.2495 having been as high as 1.2527.   Middle eastern sovereign buying into dips has helped lend the single currency some much-needed support.   There's also been talk of ECB buying periphery bonds this morning, although we couldn't get confirmation from reliable sources of such and remain very sceptical. USD/JPY steady, effectively unchanged at 79.55. Cable a little firmer at 1.5525 from early 1.5495.