The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4450 level and was capped around the $1.4520 level. The common currency was pressured during Australian dealing after a Chinese official reported the U.S. dollar has likely hit the bottom while adding the yen still had room to decline. There is growing dissent apparent at the Federal Reserve. Kansas City Fed President Hoenig reported the Fed should conclude in March its program to purchase mortgage debt, as planned, because the private securities market is healing. Hoenig is calling for a modest and persistent economy despite last week's lackluster December non-farm payrolls number. In contrast to Hoenig, St. Louis Fed President Bullard - speaking in China - suggested the U.S. may want to continue some of its expansionary policies, including the securities purchasing programs. Bullard also noted U.S. interest rates may remain low for quite some time. Friday's weaker-than-expected and disappointing U.S. December non-farm payrolls data dented the view that the Fed may raise interest rates by the middle of the year. European Central Bank President Trichet yesterday called on global governments to reduce excessive budget deficits to satisfy investors. Trichet noted he sees a progressive normalization of the economy but called on market participants to strengthen risk management significantly. ECB member Nowotny yesterday said new risk-taking by some market participants is a concern for central bankers and regulators and that risk-taking needs to be limited by increases in capital requirements. Nowotny also confirmed there will be sluggish economic growth in the eurozone this year. Data released in the eurozone yesterday saw French November industrial output climb +1.1% and October's print was upwardly revised. In U.S. news, data to be released in the U.S. today include November trade balance figures with estimates running around -US$ 34.5 billion. Euro bids are cited around the US$ 1.3885 level.