European Morning Wrap: It's Been Pretty Dead. Is Someone on Holiday?

Bundesbank says economic prospects for Germany have improved
Japan's trade Minister Motegi: Weak yen has brightened outlook somewhat for Japan firms.  Stance on beating deflation and strong yen unchanged
China's Wen:  Will steadily push for a market orientated interest rate
German Dec PPI -0.3% m/m, +1.5% y/y, weaker than Reuters' median poll of unchanged, +1.7% respectively
Swiss Q3 industrial orders fall -0.7% y/y
Spain's Jan-Nov trade deficit narrows to 29.5 bln euros
GDP for Q4?  Be prepared to get that sinking feeling on Friday -  Roger Bootle in The Telegraph
Revolutionary Japan is suddenly the centre of world affairs - AEP in The Telegraph
EU doubts put pounds' "safe haven" status at risk, traders warn - The Telegraph
Illegal immigrants paying £1,500 to be smuggled OUT of Britain - Daily Mail

Very limited change in the major spots and crosses this morning, the proximity of todays US Martin Luther King Day holiday taking its' toll.

EUR/USD fractionally easier at 1.3302 from early 1.3315.  Early reports had some buy orders clustered 1.3300/05 and they've cushioned the sell-off so far. More buy orders seen clustered down around 1.3280, sell orders clustered 1.3340/60, light buy stops above there.

USD/JPY effectively unchanged at 89.50 after Asia saw a bout of profit-taking on long possies ahead of the BOJ meeting.  Talk of sell stops through 89.20.  Japanese exporter sell interest up at 90.15/25 continues to cap.  Buy stops seen through 90.30 before barrier option interest at both 90.50 and 90.75.

Cable unchanged at 1.5868.  Traded firmer early, but failed to get back over 1.5900.  Important week for sterling. Lot's of risk event for the currency.  Tommorrow we''ve got public sector borrowing data, Wednesday jobs report and latest Bank of England minutes and Friday the first read of the Q4 GDP data.   Seems calls have been getting increasingly dire for this puppy.  I thought we were looking at -0.1/-0.2% q/q region, but increasingly hearing estimates of -0.4/-05%!!! OUCH