European morning wrap: Shhhhh don't wake the market, it's taking a nap

ECB monthly bulletin: Some downside risks to growth outlook have materialised ECB's Bonnici:  ECB still has tools left to act Italy stats office can't function after spending cuts - stats head China second quarter economic growth around 7.5%:  government think-tank (Q2 data due out tomorrow) ADB's Kuroda sees China growth at 8.2% in 2012, India at 6.5% BOJ's Shirakawa: Japan's domestic demand slightly stronger compared to April, but external demand slightly weaker French June EU harmonised CPI +0.1% m/m, +2.3% y/y, slightly stronger than Reuter's median forecasts flat, +2.2% Euro zone May industrial output +0.6% m/m, -2.8% y/y, better than Reuter's median forecasts flat, -3.3% respectively.  April's data revised downward, to -1.1% m/m, -2.4% y/y from previous -0.8%, -2.3% Not much one can say. Trading has been confined to narrow ranges this morning. EUR/USD down marginally at 1.2215 from early 1.2235, having been as low as 1.2208. Barrier option interest noted down at 1.2200 and its been stoutly defended............so far.   Talk of sell stops through 1.2195. USD/JPY marginally lower at 79.30 from early 79.50.   Buy orders clustered 79.00/15 (Kampo, life insurance companies included), sell stops through 79.00 and more through 78.90. Cable down at 1.5470 from early 1.5505, having been as low as 1.5448. Decent UK clearer buying around the lows.