European morning wrap: I'm gonna use my whole annual leave to take the next 20 Mondays off

Merkel shifting crisis management to ECB, opposition tells Welt Spain Treasury Chief: Won't request debt-buying fund help German govt spokesman: Germany remains opposed to euro bonds or other collectivised debt Eurozone July business confidence -1.27 from -0.95 in June,  weaker than median forecast of -1.09 Germany should mull lawsuit against ECB, FDP's Hahn tells Welt German FinMin spokeswoman: Schaeuble-Geithner meeting came at US request.  Press briefing cancelled due to Geithner time constraints Spanish prelim Q2 GDP -0.4% q/q from -0.3% in Q1, as expected UK June mortgage approvals 44,192, down from 50,544 in May and demonstrably weaker than median forecast of 49,000. Worst number since December 2010 UK July CBI retailers order index falls to 5 from 23 in June. Retail sales balance falls to 11 from 42 in June (blame it on the weather) Former World Bank Pres Zoellick: Europe to muddle through for years 'at best' Another very quiet Monday on global forex markets.  EUR/USD sits at 1.2275, a whole 10 pips below where we started.  Buy orders noted clustered down at 1.2250/60 have so far held the downside, session low 1.2253. Talk of sell stops through 1.2240.  Sell orders clustered 1.2300/10. USD/JPY down marginally at 78.20 from early 78.35.   Buy orders seen clustered 78.00/10 (including semi official interest), sell stops though 77.90 and more through 77.75. AUD/USD up at 1.0495 from early 1.0460, but well-documented barrier option interest at psychological 1.0500 remains intact......just. Cable off 10 pips from when I arrived, presently at 1.5705. You know it's been quiet when cable only manages a net 10 pip change.