European morning wrap: Market continues to consolidate, awaiting German constitutional court and FOMC decisions

Germany's constitutional court says ruling on euro rescue fund to go ahead as planned on September 12 despite new complaint German FinMin Schaeuble:  Euro crisis 'not over,' be around for months - Official talking to German parliament More Schaeuble:  Bundestag will get a chance to debate any direct ESM aid given to banks BOE's McCafferty: Continued eurozone uncertainty is weighing on UK business confidence Italy's Monti: Focused on long-term overhaul to strengthen Italian economy. Aware that some of his policies have contributed to the Italian recession China's Wen: Government giving greater prominence to stabilising economic growth Finnish PM:  No party in our parliament which would like to leave the euro Finnish PM: Spain deserves lower interest rates considering the measures seen.  Would like to avoid further bail-outs in euro zone German economy ministry:  Indicators suggest economy will remain stable for rest of 2012 Troika send Greek coalition government back to the drawing board- ekathimerini We ain't going very far at present, the market awaiting tomorrows' German constitutional court decision and Thursdays' Fed decsion. EUR/USD little firmer at 1.2795 from early 1.2765, having been as high as 1.2820.  News that the constitutional court ruling is going ahead as planned gave the single currency an early lift.  Buy orders seen clustered 1.2750/55,  light sell stops below there.  On topside,  barrier option interest touted at 1.2825 and 1.2850.  The 200 dma is lined up at 1.2834.  Buy stops gathered through 1.2850. USD/JPY slightly lower at 78.00 compared to early 78.20.   The BIG German and an Asian central bank seen notable sellers this morning.  Talk of 77.90 barrier option interest, sell stops below there. Cable marginally firmer at 1.6020 from early 1.6005.