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GBP/USD holding 1.28 ahead of UK jobs report due shortly

At 7am GMT this morning the UK will release its latest jobs report. The markets expect annualised wages to remain around 5.8%, with a better claimant count in February, Payrolls are expected to rise by 25k, but down from 48k in January. The ILO unemployment rate is forecast to remain unchanged at 3.8% in the 3 month period to January. Ahead of this data the Pound has remained steady after falling briefly to below 1.28 coming into the 4pm London Fix yesterday (1.2795 the low). The GBP/USD closed in the US last night at 1.2814. The range seen so far today has been covered by 1.2805 to 1.2824. One caveat to note about all this, is a report from a leading UK employment agency, noting a significant drop in the number of available UK jobs. As to whether that impacts the latest monthly jobs data is another matter though. The GBP/USD is currently trading at 1.2820
 

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