How should we play nonfarm payrolls?

My guess is we are entering a period where the correlations are breaking down a bit, with US equities able to decouple from Europe and the dollar and stocks able to rally together. So the dollar should be able to benefit from good data, for a change.

If we get strong figures expect commodity currencies to out perform on the crosses.

A 1.2750 barrier is rumored below the market while offers are seen in the 1.2810/20 area. Small stop-loss buy orders lie around 1.2825. Sellers return ahead of 1.2860. Larger trailing stops are above that level.