Monday, 5 September 2011

Rand Fluctuates as Traders Uncertain About Global Growth

The South African rand fell today as the uncertainty of the forex traders on the global economy's ability to maintain demand for reducing the growth of safer currencies. Currently, however, the rand recovered.

Market participants were less inclined to believe the global economic recovery after the report from Automatic Data Processing showed on August 31 that U.S. employers added 91,000 jobs last month, less than expected reading of 102,000. Market sentiment improved slightly after the report showed yesterday that the number of jobless claims fell from 421,000 to 409,000 last week. Today we will see non-farm payrolls that must have a major impact on markets.

USD/ZAR traded near 6.9950 today as of 12:31 GMT, while previously it surged from 6.9870 to 7.0230.


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