The US dollar is mixed as the market braces for the last main event of the week, namely the Us employment report. The greenback is consolidating yesterday's outsized gains against the major currencies and is finding a better bid tone against the dollar-bloc.

It may be more difficult than usual to anticipate the market's reaction to the US employment data. Some observers see a weak report increasing the risk of QE as early as August. Yet given the recently announced Operation Twist extension, it seems too early to anticipate another policy response. Some houses did increase their forecasts for the non-farm payrolls report after the ADP data yesterday. Almost half the ADP gain was due to hiring by small businesses, which the national report attempts to estimate. Other estimates of small business hiring, like SurePayroll reported a decline.

Given the markets' heightened concern about the global growth outlook, a disappointing