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UK jobs data in focus shortly this morning-check out the GBP/USD

The Pound is still near it most recent lows, as it succumbs to the pressure of a dollar that is very much in demand at the moment. Of course that is all about risk and the US currency as a haven from it. That might change a little later this morning, when the Uk release the latest monthly and quarterly jobs report, at 6am GMT. The markets are expecting a slightly mixed report though. The unemployment rate is forecast to rise in the three months to February, to 4% from 3.9% On the other hand payrolls are expected to increase by around 75k over the same period. Wages in February are expected to slow slightly at the same time, rising by 5.5%, from 5.6%. Ahead of all this the GBP/USD has rebounded slightly, from a fresh interim low set earlier today, at 1.2421. The Pound had closed in the US last night at 1.2446. The high set ahead of that low today was at 1.2450. This jobs data could have a bearing on where the Pound trades to next and not just versus the dollar, because it could impact the EUR/GBP too. There will be more to add on both pairs once the data is known. The GBP/USD is currently trading at 1.2438 
 

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