USD review

Evidence of America's job market going in the wrong direction weighed heavier on the dollar which was near two-month lows against the euro, and its weakest since January versus its Canadian counterpart. 

ADP reported today that private sector tallied 169,000 in April, the weakest since Jan 2014, and well under forecasts of 200,000. Moreover, the number for March got downgraded to 175,000 from 189,000. ADP doesn't have a reliable track record of predicting the tone of nonfarm payrolls but at the margin it suggests a slightly higher chance of disappointment on Friday. 

A weak payrolls report would be the second in a row and risk a further bleeding of gains for the dollar. Think levels like $1.15, potentially, versus the euro. The latest forecast calls for nonfarm payrolls of 224,000 in April and unemployment to improve to 5.4 percent.