USD flows: No surprise from ADP

ADP very much as expected at 122k (mkt 117k) so no real shift of expectations into payrolls, with anticipation of another solid result. Still a protracted, increasingly defensive but still indecisive wait for Iran developments dominating the overall market. That continues to create ongoing range compressions and low volatility that will eventually lead to a breakout but for now the fickleness of news is leaving commitment low.