Daily Market ReviewMarket Review was generated at 09.00 GMT+2 on Wednesday 1st of March 2016 By Michalis Markides

General Market NewsThe month of March kicks off with a busy day of economic releases, including a first look at the UK Manufacturing PMI for February. Later, two US numbers will be widely read as the market looks for fresh clues on the outlook for the economy. First up is the monthly update on personal consumption expenditures and spending for January, followed by the February release of the ISM Manufacturing Index. President Donald Trump on Tuesday cast aside the dark rhetoric of carnage and conflict that defined the start of his administration and left in its place a recitation of familiar campaign promises with few details on how he’d turn them into reality. More London home sellers are having to cut the asking price of their homes, and they’re offering deeper discounts as political uncertainty and high values dampen demand. London home prices have surged about 86 percent since 2009, meaning it now costs buyers 14.2 times their annual gross salary to purchase a property, the highest level on record and more than double the rate for the U.K. as a whole, according to Hometrack. As a result, the number of mortgages advanced to first-time buyers in London has dropped 12 percent in the two years through September, data compiled by the Council of Mortgage Lenders show. BP Plc said it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as Chief Executive Officer Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances.

Forex NewsThe dollar rose against the yen and the euro on Wednesday, as increasingly shifted their focus to the Federal Reserve’s rate decision later in March after digesting U.S. President Donald Trump’s address to the Congress. The increasing bid tone around the buck has prompted EUR/USD to abandon the area of recent highs and retreat towards the current 1.0555/50 band, or daily lows. The USD/CAD pair was seen building on to previous two session's strong up-move back above 100-day SMA and held above 1.3300 handle near 5-week tops. The AUD/USD pair reversed sharply from stronger Aus Q4 GDP data-led rally and now flirts with the mid-point of 0.76 handle amid resurgent broad based USD demand. Next on tap for the major remains the US data releases and FOMC member Kaplan’s speech due later in the American session.

Metals and Commodities NewsGold extended its rejection move from the very important 200-day SMA resistance and pulled-back farther from the 3-1/2 month highs touched on Monday. Furthermore, Wednesday's upbeat Chinese manufacturing PMI, easing concerns of economic slowdown in the world's second largest economy, drove flows away from traditional safe-haven assets and also collaborated to the metal's downslide to weekly lows. Crude oil prices rose on Wednesday as the dollar trimmed gains and a speech by US President Donald Trump offered little on plans by his administration to boost US oil production. West Texas Intermediate crude futures gained 11 cents, or 0.2 per cent, to $54.12 a barrel by 0415GMT and Brent crude added 15 cents, or 0.3 per cent, to $56.66

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0488 1.0528 1.0552 1.0592 1.0616 1.0656 1.0680

USD/JPY 110.75 111.21 111.99 112.45 113.23 113.69 114.47

GBP/USD 1.2240 1.2304 1.2342 1.2406 1.2444 1.2508 1.2546

USD/CHF 0.9912 0.9959 1.0009 1.0056 1.0106 1.0153 1.0203

USD/CAD 1.3050 1.3106 1.3203 1.3259 1.3356 1.3412 1.3509

EUR/JPY 117.99 118.31 118.80 119.12 119.61 119.93 120.42

AUD/USD 0.7581 0.7611 0.7635 0.7665 0.7689 0.7719 0.7743

NZD/USD 0.7099 0.7137 0.7165 0.7203 0.7231 0.7269 0.7297

EUR/GBP 0.8462 0.8482 0.8512 0.8532 0.8562 0.8582 0.8612

EUR/CHF 1.0547 1.0587 1.0612 1.0652 1.0677 1.0717 1.0742

GBP/CHF 1.2275 1.2355 1.2403 1.2483 1.2531 1.2611 1.2659

GBP/JPY 137.22 137.99 138.81 139.58 140.40 141.17 141.99

Gold 1237.34 1242.27 1247.44 1252.37 1257.54 1262.47 1267.64

Silver 18.079 18.157 18.289 18.367 18.499 18.577 18.709

Brent Oil 54.25 54.74 55.17 55.66 56.09 56.58 57.01

Crude Oil 52.34 52.76 53.39 53.81 54.44 54.86 55.49

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

WedMar 1

9:30am GBP High Manufacturing PMI

9:30am GBP Medium Net Lending to Individuals m/m

1:30pm CAD Medium Current Account

1:30pm USD Medium Core PCE Price Index m/m

3:00pm CAD High BOC Rate Statement

3:00pm CAD High Overnight Rate

3:00pm USD High ISM Manufacturing PMI

3:30pm USD High Crude Oil Inventories

6:00pm USD Medium FOMC Member Kaplan Speaks

8:00pm NZD High RBNZ Gov Wheeler Speaks

11:00pm USD Medium FOMC Member Brainard Speaks

Economic Calendar

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