This time the GBP/USD joins the USD/JPY in the spotlight as US jobs report looms

US non-farm payrolls rose by 227k in November. The markets are expecting a rise of around 165k in December, bearing in mind that November number is subject to revision this afternoon. The underlying rate of unemployment is forecast to remain static, at 4.2%. Annualised average wages are also expected to be unchanged at 4%. All this data will be released in less than one hour and ahead of that the dollar is a little lower on balance from earlier this morning. As usual the USD/JPY will be very much front and centre in terms of an immediate dollar reaction to the data. However, on this occasion, given its recent losses, the Pound and the GBP/USD could also be very much in the spotlight shortly this afternoon (at 1.30pm GMT). The GBP/USD has traded a range so far today covered by 1.2267 to 1.2316 and it is right on the upper end of that, as this update is concluded. As to where it will be after the US jobs numbers is surely another matter.