Europe: Germany to extend lockdown through February 14, Italian government set to survive vote

German Chancellor Angela Merkel has agreed with state leaders to extend the nationwide lockdown through February 14. Europe's largest economy has been struggling with a significant wave of coronavirus cases and deaths. 

In Italy, the eurozone's third-largest economy is encountering a political crisis. The government survived a vote of no-confidence in the lower house and political analysts suggest that Prime Minister Giuseppe Conte has mustered enough support in the Senate. 

EUR/USD is trading around 1.2130, as markets are following the testimony of former Federal Reserve Chair Janet Yellen.

See Janet Yellen confirmation hearings for Treasury Secretary live stream