ADP came in weaker than forecast at a predicted loss of 157,000 private sector jobs on Friday. With the market pricing in about a 200,000 drop in non-farm payrolls, the ADP report should not have much impact.
Dealers noted selling from model funds earlier in the session in EUR/USD, helping set the stage for the heavier tone experienced by EUR/USD now. We trade at 1.2860 after opening the US session in the 1.2920s.
