Investing.com - The yen soared against the U.S. dollar, the euro and the pound on Tuesday, after a private report showed that U.S. consumer confidence plummeted to a 10-month low in February, far further than expected.
USD/JPY sunk to 90.12 during early U.S. trade, a 5-day low; it subsequently consolidated around 90.23, shedding 1.01%. The pair was likely to find support at 88.55, the low of Feb. 4, and resistance at 91.29, the daily high.
Meanwhile, the Japanese currency hit a 7-day high against the euro, with EUR/JPY tumbling to 122.01; soon after, the pair bounced to 122.47, losing 1.17%.
The yen also surged to a 2-week high against sterling, as GBP/JPY sunk to 138.87; the pair subsequently rebounded to 139.47, shedding 1.17%.
Earlier in the day, the Conference Board said its index of consumer attitudes fell to 46.0 in February from a revised 56.5 in the prior month. Economists had expected a less significant drop to 55.
The research center's present situation index dropped to 19.4 from 25.2 in January, the worst since February 1983.
The director of the industry group, Lynn Franco, said in a statement that, "Consumer Confidence, which had been improving over the past few months, declined sharply in February.
"Consumers' short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months."