European Morning Wrap: Good Morning for Euro. Yen Weak

Swiss National Bank sees net profit at 6 billion swiss francs, forex making up around 4.7 bln of it Japan Vice FinMin Yamaguchi:  Expects BOJ, government policy agreement Greek FinMin Stournaras: It is too early to declare victory, this year crucial German FinMin Schaeuble: Euro crisis is being solved step by step EU's Rehn: France may need to take more steps to curb its deficit Spanish bond auction results Swiss producer import prices rose +0.1% m/m, +1.0% y/y, pretty much in line with median forecasts of +0.1%, +0.9% respectively Dutch December adj unemployment 7.2%, up from 7.0% in NovemberEUR/USD up at 1.3355 from early 1.3300 having been as high as 1.3171.   Buy stops tripped through 1.3330 accelerating then move.  The ascent was helped by rumours the Spanish bond auctions were going well. They were indeed and the euro rallied further on release of results.  Real money, corporate, ACB sales above 1.3350 have slowed but not yet reversed the rally.USD/JPY up at 89.35 from early 88.60, EUR/JPY up at 119.35 from around 117.85.   Large US bank was a notable buyer of USD/JPY just south of 89.00 helping extend the rally.  Rumoured to have bought circa 1 yard of dollars (1 billion)Sell orders seen clustered 89.50/60 and more at 89.80/00 ahead of 90.00 barrier option interest.EUR/CHF up at 1.2435 from early 1.2385 having been as high as 1.2458.  Swiss buyer helped fuel the early ascent.  Next hurdle for the bulls is hefty barrier option interest up at 1.2500.Cable maginally firmer at 1.6030 from early 1.6000.  Well bid EUR/GBP cross has helped limit cable gains somewhat so far.  EUR/GBP up at .8332 from early .8310 having been as high as .8346.