Dollar mixed ahead of US ADP report at 12.15pm GMT- EUR/USD stalls above 1.0800 again

In less than two hours from now the most important economic release of the day will come from the US. That is the March ADP, privately sourced monthly payroll report. This is widely expected to show some improvement from the February reading, which was surprisingly weak. That showed a gain of just 77k. The mid-point consensus for March is for a gain of around 115k. Now, of course whatever dollar reaction we get to this data may only transitory (to quote the Fed from a few years back), because the greater dollar driver is surely to come later this evening. Nevertheless, movement means opportunity, even if only a short time. Ahead of this release the dollar had been edging lower. However, it has just snapped that run versus the European currencies though, so the Yen remains the strongest of all its G7 components for the time being and perhaps likely to remain that way unless risk takes more dynamic rebound than it has so far this morning. Meanwhile, the EUR/USD continues flip flop either side of the 1.0800 handle and still highly pivotal around that level. It is has just dropped back from above 1.0800, currently trading at 1.0788