“The Nazis ferociously attacked Pius XII for what he said during his famous speech on Christmas 1942. They went on record stating: “Here he [the pope] condemns everything we stand for and he has made himself a mouth-piece of the Jewish warmongers.” When Pius XII spoke in his allocution about “hundreds of thousands” of victims, there was no evidence at that time that the number of victims ran, or was going to run, into the millions. Cornwell accuses the pope of downgrading the Holocaust; however, he does not take into account what was known at that time.”
http://www.catholiceducation.org/articles/arts/al0039.html
Pius XII might have made an anti-Nazi speech in 1942, but that, apparenly, ended that. Pius XII went to his grave with his Holocaust inaction being widely noted.
Until Allied forces defeated Germany, it cannot be forgotten that Pius XII was living in Italy — within Nazi cccupied territory.