Investing.com – The U.S. dollar plummeted to an all time low against the Swiss franc on Thursday, as weak U.S. economic data added to fears further monetary easing may be required to support the flagging U.S. economy.
USD/CHF hit 0.9556 during European morning trade, a record low, the pair subsequently consolidated at 0.9588, shedding 0.29%.
The pair was likely to find short term support at 0.9400 and resistance at 0.9737, Tuesday’s high.
On Wednesday, data showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The weak data fuelled speculation that the Federal Reserve may begin a fresh round of asset purchases, designed to bolster the U.S. economy, as soon as next month.
Meanwhile, the Swiss franc was down against the euro, with EUR/CHF gaining 0.04% to hit 1.3393.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.
USD/CHF hit 0.9556 during European morning trade, a record low, the pair subsequently consolidated at 0.9588, shedding 0.29%.
The pair was likely to find short term support at 0.9400 and resistance at 0.9737, Tuesday’s high.
On Wednesday, data showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The weak data fuelled speculation that the Federal Reserve may begin a fresh round of asset purchases, designed to bolster the U.S. economy, as soon as next month.
Meanwhile, the Swiss franc was down against the euro, with EUR/CHF gaining 0.04% to hit 1.3393.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.