European morning wrap: Euro consolidating recent gains. Little net change on major spots and crosses

German January unemployment change -16k,  better than median forecast of +8k. Unemployment rate down to 6.8% from 6.9% in December, better than median forecast of unchanged 6.9% German December retail sales -1.7% m/m, -4.7% y/y, demonstrably weaker than median forecasts of -0.1%, -1.6% respectively French December consumer spending unchanged m/m, weaker than Reuters' median forecast of +0.2% BOJ's Yamaguchi: BOJ's policy doesn't directly aim to influence FX Japan's Aso: Cabinet has approved FY2012 stimulus package Italy risks political crisis as MPS bank scandal turns 'explosive' - AEP at The Telegraph Moody's says a Greek default has not yet been averted - ekathimerini Labor unions ratchet up pressure on Greek government - ekathimerini When all said and done little net change on the major spots and crosses this morning EUR/USD marginally lower at 1.3550 from early 1.3580.  Periphery bond yields have moved higher this morning which may have helped stymie the euro bulls' insatiable appetite, at least for now. Buy orders clustered 1.3530/40, sell orders clustered 1.3580/00 and we've remained ensconsed within those parameters.  Sell stops through 1.3530, buy stops through 1.3600. Cable marginally lower at 1.5795 from early 1.5818.  It's seen fairly active trade.  Early reports had buy orders clustered 1.5780/90 and sell orders clustered 1.5840/55 and we've remained between those two interests, if only just.  We rallied early getting as high as 1.5842.  Middle Eastern selling notable around the highs and we drifited lower. The selling picked up as we headed into the 11:00 GMT fix. USD/JPY marginally firmer at 91.05 from early 90.95.