The South African rand on Thursday dropped against the world's reserve currency as the U.S. prepared to release economic data regarding its labor market and inflation data, according to Bloomberg.
A manufacturing metric for the New York region climbed more than forecast this month. The U.S. is prepared to release job market data for the period through week ended January 11. A focus is training on the U.S. Federal Reserve as questions linger about the future of monetary stimulus measures.
The U.S. Federal Reserve is slated to convene two days of meetings later this month when chairman Ben Bernanke will hand over control of the central bank to Janet Yellen, who was confirmed earlier this month by the U.S. Senate. The body is likely to consider job market data as factors that go into the decision about whether to taper stimulus measures.
The rand dipped as much as 0.7 percent against the U.S. dollar during the Thursday trade session.
The rand was nearing its lowest value since 2008 against the English pound and its five-year lows against the dollar on Thursday, according to Future Currency Forecast.
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