Rand Drops as US Non-farm Payrolls Spark Fear on FX Market
The South African rand dropped today after worse-than-expected US non-farm payrolls fueled fear among investors that global economic growth stalled. Today’s decline erased all gains that the currency has got earlier this week.
US employers added fewer jobs last month than market participants hoped for. The negative data added to concerns, caused by yesterday’s interest rate cuts by various central banks. The rand has lost 1.3 percent this week.
USD/ZAR climbed from 8.1264 to 8.2532 as of 15:09 GMT today.
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Earlier News About the South African Rand:
- Rand Fluctuates on Interest Rate Speculations (2012-06-27)
- Rand Falls on Weakening Prospects for Global Economic Growth (2012-06-25)
- Rand Drops While Current Account Deficit Widens (2012-06-21)
- Rand Rebounds After Touching Lowest Level in 2012 (2012-05-31)
- Rand Slides to This Year's Low as CPI Below Expectations (2012-05-23)