August 31, 2011 Forex Signals Report

Thin trading conditions highlighted by tight ranges and low volume may make trading difficult today if traders don’t respond in a big way to today’s U.S. ADP Non-Farm Employment report. Early guesses are for an increase of 102K versus last month’s gain of 114K. The actual report will have to miss by quite a large margin given the low activity. Chicago PMI and Factory Orders are also due to be released today.

Yesterday’s Fed minutes revealed that the central bank may have to take action at its September meeting. This weakened the Dollar late in the session, but a follow-through break overnight failed to materialize. With the U.S.set to release its August Non-Farm Payrolls number on Friday, trading activity may slow to a crawl today after the release of the ADP. There are no particularly strong set-ups this morning which is likely to mean a choppy two-sided trade.

After an intraday reaction to the ADP report, trading may slow as traders will likely be non-committal until Friday’s U.S. Non-Farm Payrolls report. The ADP figure will have to miss by a substantial amount to trigger a solid reaction in either direction.

The greenback recaptured some recent lost ground against several of its major rivals as better-than-expected economic data released overnight reduces the likelihood of the Federal Reserve taking further action to stimulate growth. The Euro opens lower today at 1.4370 down from the recent high of 1.4532. US Commerce Department data showed factory orders increased 2.4 per cent in July – the most in four months. Also supporting greenback sentiment earlier in the session was data from ADP Employer Services which showed US companies added 91,000 workers in August. The Government’s non-farm payrolls report is scheduled for release on Friday and is always closely scrutinised by currency markets. Meanwhile, the dollar opens little-changed against the Japanese Yen at 76.60.

Now, on to our open positions and new trades. Lets take a look at the specifics:

Open Orders

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New Orders

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