Rand Fluctuates as Traders Uncertain About Global Growth

The South African rand fell today as uncertainty of Forex traders about ability of the global economy to maintain growth reduced demand for safer currencies. Yet currently the rand rebounded.

Market participants were less inclined to believe in the global economic recovery after the report of Automatic Data Processing showed on August 31 that the US employers added 91,000 jobs last month, less than predicted reading of 102,000. Market sentiment slightly improved after the report showed yesterday that the number of unemployment claims went down from 421,000 to 409,000 last week. Today we’ll see non-farm payrolls that should have a great 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.

If you have any questions, comments or opinions regarding the South African Rand,
feel free to post them using the commentary form below.