ADP Employment Report: 237,000 jobs added to the economy in June

ADP estimates that private payrolls rose a larger-than-expected 237,000 in June vs Econoday expectations for 220,000 which however is inside the high-end forecast for 245,000. For comparison, the consensus for Thursday's private payroll is 225,000. ADP has missed badly the last couple of months, likely limiting its effect on expectations for tomorrow's employment report. There is early reaction to the report, though, with the dollar moving slightly higher and demand for Treasuries easing.