Investing.com – The U.S. dollar plummeted to a 30-month low against the Swiss franc on Wednesday, after data showed that U.S. consumer confidence dropped significantly more-than-expected in September.
USD/CHF hit 0.9736 during early European trade, the pair's lowest since March 17, 2008, the pair subsequently consolidated at 0.9740, shedding 0.19%.
The pair was likely to find support at 0.9634, the low of March 17, 2008 and resistance at 0.9877, Tuesday's high.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.
The Conference Board, a private research group, said its index of U.S. consumer sentiment fell to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of the Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.09% to hit 1.3269.
Later in the day, the KOF research group was to publish an index of Switzerland's leading economic indicators.
USD/CHF hit 0.9736 during early European trade, the pair's lowest since March 17, 2008, the pair subsequently consolidated at 0.9740, shedding 0.19%.
The pair was likely to find support at 0.9634, the low of March 17, 2008 and resistance at 0.9877, Tuesday's high.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.
The Conference Board, a private research group, said its index of U.S. consumer sentiment fell to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of the Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.09% to hit 1.3269.
Later in the day, the KOF research group was to publish an index of Switzerland's leading economic indicators.