• The greenback started the second quarter in subdued fashion after weaker than expected jobs data offered more evidence suggesting the economy shifted into a lower gear in the first quarter.
• ADP said its survey of private sector job growth totaled 189,000 – the lowest in 14 months – and under forecasts of 225,000.
• A slight upward revision to February could help temper the disappointment, however.
• On the bright side, ADP doesn’t always serve as an accurate barometer of nonfarm payrolls but at the margin suggests a slight higher risk of disappointment.
• Underwhelming job growth Friday would dampen U.S. rate hike expectations and weigh on the dollar.