US: Housing Prices Index at 0.6% as expected in December

The European session has seen consolidative moves in major crosses after the market was shaken by concerns over Italian election outcome. Meanwhile, Fed Bernanke's semi-annual testimony to the Senate Banking Committee at 15:00 GMT is the main focus of the day. The dollar is mixed, although most pairs are hovering around their opening levels. EUR/USD fell below 1.3100 for the first time since early January and now consolidates around 1.3080, having set a low of 1.3017. USD/JPY traded as low as 91.40 but is now back around 92.00. GBP/USD failed to hold above 1.5200 and it is now virtually unchanged at the 1.5160 area.