ForexLive North American wrap: ADP misses the mark

ADP employment rises 119K compared to 177K exp March factory orders -1.5% vs -1.6% exp Durable goods orders revised higher Bank capital surcharges top European meeting agenda Schaeuble leading charge Chatter that ECB not ruling out more LTROs Former BOC Gov stirs the pot Ireland's deficit improves Fed's Lacker: Fed likely to hike next year Gingrich quits Republican race S&P 500 down 0.25% to 1402 USD leads, EUR lags The euro bottomed shorty after the US open, at 1.3121, as the focus shifted to US employment worries. Mid-morning speculation that the ECB may do more at tomorrow's meeting helped the euro but it wasn't able to overcome offers around 1.3170. USD/JPY fell 30 pips to 80.05 on the ADP headlines but never made a serious attempt to break the psychological barrier. Afterwards it was a lackluster, sideways move around 80.15. Cable opened at 1.6173 and slumped to 1.6160 before rebounding to 1.6209, popping intraday stops at 1.6200. Flows in EUR/GBP, which hit a 23-month low, were a driver. USD/CAD rallied on the ADP numbers but the stubborn area around 0.9900 was defended again and the pair drifted back to 0.9865.