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The dollar started to weaken across the board after a report from payrolls processor ADP showed that employment gains in the U.S. were lower in December than initially thought.
The news has helped the GBP/USD cross rise nearly 1.2 per cent this afternoon with the currency pair climbing from $1.2285 to $1.2428, as you can see from the graph below.
GBP/USD graph
With the official Non-Farm payroll numbers set to be released tomorrow, we could see further losses for the dollar if the governments employment reading matches today's ADP estimate.
Regular readers will know the Non-Farm employment reading can cause huge swings in the value of the dollar as the actual figure can differ massively from the predicted level.
The Bureau of Labor Statistics are predicting that 175,000 were created last month, but if the official number comes in lower then we could see the pound make further gains against the dollar.
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