Federal Reserve Chairman Bernanke testified before the House Budget Committee today, reiterating the Fed’s bearish tone on U.S. economic recovery, and warning against overly rapid deficit cutting. The U.S. dollar weakened as markets viewed Bernanke’s comments as dovish.

The Australian Dollar experienced a clear bid after the Australian government released positive trade figures.

Construction spending for December rose more than forecast, pushing U.S. Dollar lower versus its major counterparts.

Expansion in manufacturing in the U.S. hit a seven-month high in January, with the ISM manufacturing index climbing to 54.1 percent, led by gains in new orders, production and employment.