Investing.com – The euro was down against the Swiss franc on Wednesday, plummeting to a fresh all-time record low, as renewed concerns over the euro zone’s economic recovery drove investors to the safe-haven franc.
EUR/CHF hit 1.2774 during European morning trade, the pair’s all-time record low; the pair subsequently consolidated at 1.2781, shedding 0.35%.
The pair was likely to find resistance at 1.3923, Tuesday’s high.
Concerns were reignited over the rate of the euro zone’s economic recovery after a Wall Street Journal report highlighted the weaknesses of July’s euro zone stress tests of major banks.
Meanwhile, Irish and Portuguese government bonds fell, pushing yield spreads on 10-year securities to a record high against German bunds, reviving fears over the ‘peripheral’ euro-region debt.
The Swissy was also up against the U.S. dollar, with USD/CHF shedding 0.38% to hit 1.0074.
Later in the day, Germany was to release key data on the country’s industrial production.
EUR/CHF hit 1.2774 during European morning trade, the pair’s all-time record low; the pair subsequently consolidated at 1.2781, shedding 0.35%.
The pair was likely to find resistance at 1.3923, Tuesday’s high.
Concerns were reignited over the rate of the euro zone’s economic recovery after a Wall Street Journal report highlighted the weaknesses of July’s euro zone stress tests of major banks.
Meanwhile, Irish and Portuguese government bonds fell, pushing yield spreads on 10-year securities to a record high against German bunds, reviving fears over the ‘peripheral’ euro-region debt.
The Swissy was also up against the U.S. dollar, with USD/CHF shedding 0.38% to hit 1.0074.
Later in the day, Germany was to release key data on the country’s industrial production.