Investing.com - The U.S. dollar fell to a session low against the Swiss franc on Tuesday, after the European Central Bank announced that its president Mario Draghi had pulled out of attending the Federal Reserve’s annual Jackson Hole summit later this week.
USD/CHF hit 0.9562 during European morning trade, the pair’s lowest since Friday; the pair subsequently consolidated at 0.9566, shedding 0.45%.
The pair was likely to find support at 0.9537, the low of August 23 and a seven-week low and resistance at 0.9634, the session high.
The ECB said Draghi would not be attending the Federal Reserve’s annual summit meeting in Jackson Hole, Wyoming, due to the "workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Last week’s minutes of the U.S. central bank’s August meeting indicated that many policymakers may be leaning towards additional quantitative easing.
The Swissie was little changed against the Swiss franc, with EUR/CHF dipping 0.01% to 1.2010.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.
USD/CHF hit 0.9562 during European morning trade, the pair’s lowest since Friday; the pair subsequently consolidated at 0.9566, shedding 0.45%.
The pair was likely to find support at 0.9537, the low of August 23 and a seven-week low and resistance at 0.9634, the session high.
The ECB said Draghi would not be attending the Federal Reserve’s annual summit meeting in Jackson Hole, Wyoming, due to the "workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Last week’s minutes of the U.S. central bank’s August meeting indicated that many policymakers may be leaning towards additional quantitative easing.
The Swissie was little changed against the Swiss franc, with EUR/CHF dipping 0.01% to 1.2010.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.