Investing.com - The U.S. dollar was almost unchanged against the Swiss franc on Tuesday, trading close to a one-month low after comments by Federal Reserve Chairman Ben Bernanke added to expectations for a fresh round of easing by the central bank.
USD/CHF hit 0.9017 during European late morning trade, the pair’s lowest since February 29; the pair subsequently consolidated at 0.9023, dipping 0.06%.
The pair was likely to find support at 0.8934, the low of February 29 and resistance at 0.9052, the session high.
The dollar weakened broadly after Federal Reserve head Ben Bernanke said Monday that further monetary accommodation is needed to bring about big gains in the U.S. jobs market, which he described as “far from normal,” despite a recent improvement.
In the euro zone, Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Meanwhile, concerns over Spanish borrowing costs lingered ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.04% to hit 1.2056.
Later in the day, Fed Chair Ben Bernanke was to speak at a public engagement. In addition the U.S. was to release a closely watched report on consumer confidence, as well as industry data on house price inflation.
USD/CHF hit 0.9017 during European late morning trade, the pair’s lowest since February 29; the pair subsequently consolidated at 0.9023, dipping 0.06%.
The pair was likely to find support at 0.8934, the low of February 29 and resistance at 0.9052, the session high.
The dollar weakened broadly after Federal Reserve head Ben Bernanke said Monday that further monetary accommodation is needed to bring about big gains in the U.S. jobs market, which he described as “far from normal,” despite a recent improvement.
In the euro zone, Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Meanwhile, concerns over Spanish borrowing costs lingered ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.04% to hit 1.2056.
Later in the day, Fed Chair Ben Bernanke was to speak at a public engagement. In addition the U.S. was to release a closely watched report on consumer confidence, as well as industry data on house price inflation.