The market really doesn’t seem to know what to make of the bit below consensus ADP report. The reaction has been remarkably muted with the number not being bad enough to seriously derail the risk-on fraternity. Eur/Usd longs will be disappointed that 1.4445 contained the upside once again, but the downside doesn’t look to attractive either with bids seen in the 1.4365 area. Hopefully the non-manufacturing ISM will give us a bit more to go on.