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The euro hit a lifetime low against the Swiss franc on Tuesday as the Swiss currency gained broadly due to safe-haven demand triggered by mounting concerns about the U.S. and global economic recovery.

The euro EURCHF= fell as low as 1.2898 francs, according to traders citing electronic trading platform EBS, before pulling back to 1.2917 by 0.920 GMT.

Traders in London said that stop-loss sell orders under 1.2920 francs had accelerated the euro's slide, while the dollar's break under a key barrier of 1.02 francs, to hit its lowest since mid-January, also added the the Swiss franc's upward momentum. Read more

Federal Reserve Chairman Ben Bernanke will have to address a number of pressing issues in a speech on Friday as investors search for more clarity on how close the U.S. central bank might be to another asset-buying spree to support the flagging recovery.

Bernanke will also likely touch on fears of waning economic momentum as evidenced by a parade of gloomy indicators, suggesting the U.S. economy has slowed to a crawl when he speaks at the Fed's annual retreat in the Teton mountains.

He may also note the Fed's decision earlier this month to renew purchases of assets to replace ones that have rolled off the Fed's balance sheet.

But he seems unlikely to offer any detailed plan of what the U.S. central bank will do going forward or to define what would trigger more aggressive steps by the Fed. Read more

The caution initially stemmed from a Nikkei business daily report saying Japan's Ministry of Finance may consider unilateral yen-selling market intervention if speculators drive up the currency. Read more