European morning wrap: Risk-off amid low volume trading due to Ascension day holidays

Irish fiscal treaty poll: Yes camp ahead, one in three undecided Foreign currency dealer ICAP ready to deal in Greek drachma 137 bln Euros of bank credit coming due in 2012- Italian Banking  Assoc Bankia clients pull out over Eur 1 billion -Reuters Government won't approve fiscal compact as it stands- French Fin Min Japan's economy is in good condition- Vice Fin Min Polish Fin Min -EU must avoid domino effect if Greece exits German stimulus won't save Europe -WSJ White house calls for tougher banking rules Troika unhappy with Greece's State privatization fund Gerry's not feeling at all well, so i'm afraid you'll have to put up with me finishing off the wrap today... EUR/USD's been on gradual slide after  hitting highs of 1.2749 early on in the session with trading subdued due to the Ascension holidays across Europe. A mixed Spanish auction failed to excite with Spain having to pay up for 2015 and 2016 bonds but the  target was just about achieved. Lack of any positive news in the Eurozone and little data to chew over  has kept risk off the table and we've dropped back through 1.2700 to lows of  1.2690. EUR/JPY sales  pushed the pair back down through 102.00 from  102.35  to 101.84, with some large sell stops now looming down through 101.75. GBP/USD has eased back down  from 1.5920 through the  200 week MA around 1.5880 and looks to be heading to the 100 and 200 day MA sitting down at 1.5827. Elsewhere USD/JPY drifted off  from  just shy of 80.40 on cross sales to 80.22. AUD/USD tracked the  EUR/USD from 0.9963 to  0.9908  WTI Crude slipped around 90 cents to 92.70, with Gold shedding around $8 to $1546. European equities are all in the red with falls of  around 1.25% in the STOXX , but around 2% on the Italian and Spanish  indices. Bunds were squeezed higher with Italian 10 yr yields touching  6% again All in all a thoroughly dull morning, so hopefully the US will liven things up a tad....