HERE COMES THE ADP JOBS REPORT...

Heads up! We are minutes away from the release of ADP's monthly National Employment Report, due out at 8:15 AM ET.

Economists expect the payroll-processing firm's estimate of private-sector job creation clocked in at 195,000 new workers hired in March, up from 139,000 in February.

Steven Englander, global head of G10 FX strategy at Citi, thinks markets are "lowballing risk of a big number."

"The most striking features of ADP (and NFP) estimates is how few estimates there are for blockbuster numbers, given the degree to which weather affected Q1," he says in a note to clients this morning.

"Anecdotally it looks as expectations may have drifted slightly higher over the last couple of days, but we do not see a tidal wave of optimism here. Given how FX is trading, we would expect to see risk rally if ADP is 200,000 or less, and rates back off, particularly in EM. High-beta currencies would sell off if the outcome is 230,000 or higher. In between is the grey zone where investors will debate whether the data are threatening or in when with a modest weather rebound."

We will have the full release LIVE at 8:15 AM ET. Click here to refresh for the latest updates »