Rand Weakened by Unfavorable Jobs Data & Declining Gold

The South African rand fell today against the U.S. dollar on the outlook for the unfavorable jobless rate to remain without much improvement and as the commodity prices declined, causing the analysts to bet that the currency will remain weaker than $7.40 level.
The unemployment rate in South Africa has reached as much as 24.3 percent by the end of 2009 and the jobs data, which is scheduled to release today, isn’t expected to show any substantial improvement. Gold, which together with platinum makes about a quarter of South Africa’s exports, halted its 3-day rally and declined today.
USD/ZAR traded near 7.4854 as of 09:31 GMT today up from the opening price of 7.4063.

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