European morning wrap: Mundane Monday (try saying that quickly)

PBOC Gov Zhou Xiaochuan: In theory 'lots of room' to cut bank's reserve requirements ratio further PBOC Vice Gov Yi Gang: China will increase investment in Europe Portugal Nov-Jan trade balance -3.081 bln vs -5.158 bln a year ago Greek January industrial output -5.0% y/y from -11.3% y/y in December German February wholesale prices +1.0% m/m, +2.6% y/y Italy final Q4 GDP confirmed at -0.7% q/q.  Y/Y revised upwards fractionally to -0.4% from -0.5% Global liquidity peak spells trouble for late 2012 - AEP at The Telegraph Europe must listen to me - French election favourite (Reuters) EUR/USD up at 1.3110 from early 1.3080, having been as high as 1.3135.  Middle Eastern buying was notable in early trade, helping lift the pairing.  We had reports of sell orders clustered 1.3130/50 which rather easily capped the topside.  We also had reports of buy stops through 1.3135 and they just dodged a bullet. USD/JPY sits unchanged at 82.20.  Buy orders, including Japanese importers, noted 82.00/10, sell stops below 82.00.  Sell orders clustered 82.50/60, buy stops through 82.65. AUD/USD little changed at 1.0515.  Talk of barrier option interest 1.0500, sell stops below there.