Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Friday 10th of March 2016 By Michalis Markides

General Market NewsJapan financial stocks rose Friday, boosted by a global bond selloff after European Central Bank President Mario Draghi hinted the central bank was unlikely to introduce fresh stimulus measures. The Nikkei Stock Average NIK, +1.48% was up 1.2% in early trading, after opening at a five-day high. Gains were driven by the yen softening against the dollar and the prospect of higher European yields amid signs that inflation is returning to the Eurozone. Manufacturing surveys have remained at high levels. After the Brexit referendum last June, the weaker GBP has been supporting the sector. The strength of domestic demand has surprised economists, as many believed uncertainty would hit the sentiment and postpone demand. The median forecast of February nonfarm payroll increase is 197,000 – a bit less than the quite nice 227,000 in January, but still a respectable number. What worried some in January’s jobs report was the decline in wage growth, but one month’s data and possibly sector related one-off effects (bonuses are usually payed in December) may have skewed the numbers down temporarily. Payroll increases have been trending lower since the beginning of 2015 - that's understandable, as the unemployment rate gets very low. BT has bowed to demands by the telecoms regulator Ofcom to legally separate Openreach, which runs the UK's broadband infrastructure.Forex NewsThe dollar’s upward movement against the yen outpaced its losses against the euro Friday as expectations for a strong U.S. jobs reading grew, and the European Central Bank offered another indication of a turning tide among central bankers on policy.The U.S. currency broke through the ¥115 mark against the yen for the first time since late January, following the release of weekly U.S. jobs figures that pointed to another robust monthly figure due later Friday. The euro EURUSD, +0.1702% traded at $1.5095, little changed from $1.0590 late Thursday in New York. The euro moved about 0.5% higher in the New York session after European Central Bank chief Mario Draghi hinted at a shift in the bank’s stance away from offering further support to the Eurozone. US$Chf has had a rangebound session (1.0091/1.0160) leaving the outlook unchanged although we have seen a late dollar selloff taking it back below 1.0100 for the first time today.

Oil prices looked set to stabilize on Friday, but remained below a key support level as investors remained wary over rising U.S. crude oil inventories. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, +0.85% traded at $49.65 a barrel, up 36 cents, or 0.8% in the Globex electronic session. On Thursday, U.S. crude prices fell below $50 a barrel for the first time this year. The sharp selloff in the previous session came as traders, who in recent weeks had posted a record number of bets that oil prices would move higher, were caught on the wrong foot by the surprise increase in U.S. stockpiles. Gold fell below the key level of $1,200 an ounce on Friday and was on track for its worst week in four months, pressured by a stronger dollar ahead of the closely-watched US non-farm payrolls report due later in the day. Spot gold was down 0.2% at $1,197.90 per ounce at 9.40am, after touching $1,197.02 earlier in the session, its weakest since 31 January.

Metals and Commodities News

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0433 1.0478 1.0527 1.0572 1.0621 1.0666 1.0715

USD/JPY 113.73 114.01 114.47 114.75 115.21 115.49 115.95

GBP/USD 1.2074 1.2104 1.2135 1.2165 1.2196 1.2226 1.2257

USD/CHF 1.0006 1.0046 1.0083 1.0123 1.0160 1.0200 1.0237

USD/CAD 1.3423 1.3451 1.3480 1.3508 1.3537 1.3565 1.3594

EUR/JPY 119.18 119.80 120.69 121.31 122.20 122.82 123.71

AUD/USD 0.7436 0.7462 0.7484 0.7510 0.7532 0.7558 0.7580

NZD/USD 0.6853 0.6870 0.6885 0.6902 0.6917 0.6934 0.6949

EUR/GBP 0.8590 0.8621 0.8657 0.8688 0.8724 0.8755 0.8791

EUR/CHF 1.0597 1.0639 1.0672 1.0714 1.0747 1.0789 1.0822

GBP/CHF 1.2194 1.2240 1.2277 1.2323 1.2360 1.2406 1.2443

GBP/JPY 138.11 138.55 139.20 139.64 140.29 140.73 141.38

Gold 1195.26 1195.88 1196.61 1197.23 1197.96 1198.58 1199.31

Silver 16.858 16.880 16.899 16.921 16.940 16.962 16.981

Brent Oil 52.46 52.49 52.53 52.56 52.60 52.63 52.67

Crude Oil 49.54 49.58 49.64 49.68 49.74 49.78 49.84

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

FriMar 10

11:30am GBP High Manufacturing Production m/m

11:30am GBP Medium Goods Trade Balance

11:30am GBP Low Construction Output m/m

11:30am GBP Medium Consumer Inflation Expectations

Day 2 EUR Low ECOFIN Meetings

3:30pm CAD High Employment Change

3:30pm CAD High Unemployment Rate

3:30pm USD High Average Hourly Earnings m/m

3:30pm USD High Non-Farm Employment Change

3:30pm USD High Unemployment Rate

Economic Calendar

Follow us:

Risk Warning: The trading of complex financial products such as foreign exchange, CFDs and Binary Options involves a high level of risk and may not be appropriate for all investors. There is possibility that investors may lose more than their initial investment.Disclaimer: The information in this review comprises market updates and personal opinions and should not be taken or misunderstood as investment advice.