Session Recap: Euro firmer as Italian centre-left party leads polls (Córdoba) - The European session was relatively quiet with most currencies reversing their Asian bias. The US dollar trades lower overall, with the euro wavering around 1.3300 as investors await news from the Italian election. First exit polls show Italy's centre-left leads in election. Elsewhere, the yen retraced early losses versus the dollar and the pound remains under pressure after Moody's downgraded the UK. The Aussie is a tad firmer as it shrugged off disappointing Chinese data, while the CAD remains virtually unchanged.

Main Headlines in Europe (in chronological order):

Commodities Brief – Precious metals volumes soar ahead of Italian electoral outcome

Is Moody’s downgrade in the UK long overdue or overblown?

Bank of Greece : Greek economy to shrink by 4.5% in 2013

Moscovici and Schäuble push Cyprus accelerate its reforms amidst budget concerns

Euro looks for strength from Italy

European markets rally ahead of Italian elections' results

Exit polls: Italian centre-left seen at 34.5%

Exits polls show Bersani to win elections with 36% to 38% votes