European morning wrap: Swissy weakness a feature once again

Spanish Dep PM:  Spain is starting to sort itself out Japanese FinMin: Priority is to escape recession Fitch's Riley: ECB OMT has bought breathing space for eurozone sovereigns Fitch's Linnell: US, UK, France ratings 'under threat' Fitch: Debt ceiling delay would prompt formal US rating review Fitch's Renwick:  Not comfortable with euro zone peripheral debt level. Sees risk of reform drive slowing in Italy German govt sees +0.4% economic growth in 2013, +1.6% in 2014 - Economy Ministry official German GDP rose +0.7% in 2012, slightly weaker than Reuters' median forecast of +0.8% German December final CPI +0.9% m/m, +2.1% y/y, unchanged from prelim data Euro zone November trade balance 13.7 bln, better than Reuters' median forecast of 10.0 bln UK December CPI +0.5% m/m, +2.7% y/y, as expected UK December producer output prices -0.1% m/m, +2.2% y/y, slightly weaker than median forecasts of flat, +2.4% respectively BOJ quarterly report - Cuts economic assessment for 8/9 regions in Japan.  Regions have seen their economies weakening on the back of a continued slowdown overseas UK's HMV to appoint administrator - BBC USD/CHF up at .9274 from early .9245,  EUR/CHF up at 1.2383 from early 1.2347.  Alot of banks been out recently recommending longs in the cross, Citibank and UBS to name two. Talk of barrier option interest now lined up at 1.2400, 1.2450 and hefty at 1.2500 apparently. EUR/USD pretty much unchanged at 1.3347 compared to the 1.3355 which greeted me.  Talk of sell orders clustered 1.3380 thru 1.3405 and earlier rally floundered on those sell orders.  Talk of sell stops gathered through 1.3330. Cable touch lower at 1.6055 from early 1.6070.  Buy orders seen clustered down at 1.6020/40, sell stops below there.  Sell orders clustered up at 1.6090/00.