Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Wednesday 8th of March 2016 By Michalis Markides

General Market NewsGerman industrial production rebounded in January, reaffirming the country’s favorable economic outlook after factory orders slumped the most in eight years. Japan’s economy grew faster than first thought in the final three months of 2016. According to Japan’s Cabinet Office, real GDP grew by 0.3% in the December quarter, higher than the 0.2% preliminary reading issued in February. Despite the upgrade, it fell short of the 0.4% figure that had been eyed by markets. If there’s any number that can dent the rosy glow about US economic expectations, payrolls is at the top of the list. But the outlook at the moment remains bright, as today’s update from ADP is expected to show. Economists project that US companies added 183,000 workers in February, according to Econoday.com’s consensus forecast for ADP’s estimate. Although that’s down from January’s 246,000 pop, the forecast for today’s release is still strong enough to dispel worries that US economic growth is faltering. Snap Inc. shares were lower in trading on Tuesday, a day after they fell below the opening price of $24 a share. The stock of Snapchat's parent company dropped a further 10% to as low as $21.44 a share, sending the earliest traders who bought at last Thursday's debut deeper into the red on their investment.

Forex NewsThe USD/JPY pair ran through some fresh offers on Tuesday and dropped closer to weekly lows touched on Monday. The pair is now approaching weekly lows support near 113.55 level, touched on Monday, as investors now look forward to the US economic docket, featuring the release of the ADP jobs report and revised nonfarm productivity data, for fresh impetus. The USD/CHF pair is seen testing bids near 1.0135 region, as the bulls make another effort to take on the recovery above 1.0150 barrier. The AUD/USD pair traded with mild positive bias for the second straight session but remained capped below the 0.7600 handle. The bearish grip on the EUR appears to have loosened somewhat in early Europe, allowing a brief phase of consolidation in EUR/USD over the last hour.

Metals and Commodities NewsCrude oil prices declined Wednesday as investors braced for a further rise in U.S. oil inventories as well as a tapering of China’s demand. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, -0.53% traded at $52.80 a barrel, down 35 cents, or 0.6%, in the Globex electronic session. May Brent crude LCOK7, -0.41% on London’s ICE Futures exchange fell 27 cents, or 0.5%, to $55.65 a barrel. The USD/JPY pair ran through some fresh offers on Tuesday and dropped closer to weekly lows touched on Monday. Meanwhile, a subdued action around the US treasury bond yields, failing to provide an fresh bullish impetus to the US Dollar, also failed to lend any immediate downslide support. On Tuesday, spot gold prices declined by 0.8 percent to close at $1215.6 per ounce as prices hit the lowest level in more than four weeks. Besides, the dollar strengthened and expectations for a U.S. interest rate hike this month weighed, though moves were muted ahead of U.S. payroll data this week.

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0500 1.0528 1.0547 1.0575 1.0594 1.0622 1.0641

USD/JPY 113.26 113.48 113.73 113.95 114.20 114.42 114.67

GBP/USD 1.2075 1.2121 1.2161 1.2207 1.2247 1.2293 1.2333

USD/CHF 1.0032 1.0068 1.0099 1.0135 1.0166 1.0202 1.0233

USD/CAD 1.3329 1.3355 1.3384 1.3410 1.3439 1.3465 1.3494

EUR/JPY 119.81 120.07 120.26 120.52 120.71 120.97 121.16

AUD/USD 0.7499 0.7536 0.7562 0.7599 0.7625 0.7662 0.7688

NZD/USD 0.6848 0.6897 0.6926 0.6975 0.7004 0.7053 0.7082

EUR/GBP 0.8585 0.8610 0.8635 0.8660 0.8685 0.8710 0.8735

EUR/CHF 1.0629 1.0662 1.0686 1.0719 1.0743 1.0776 1.0800

GBP/CHF 1.2270 1.2306 1.2336 1.2372 1.2402 1.2438 1.2468

GBP/JPY 137.62 138.15 138.61 139.14 139.60 140.13 140.59

Gold 1199.04 1206.37 1210.74 1218.07 1222.44 1229.77 1234.14

Silver 17.089 17.292 17.414 17.617 17.739 17.942 18.064

Brent Oil 54.34 54.95 55.43 56.04 56.52 57.13 57.61

Crude Oil 51.55 52.13 52.64 53.22 53.73 54.31 54.82

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

WedMar 8

2:30pm GBP High Annual Budget Release

3:15pm CAD Low Housing Starts

3:15pm USD High ADP Non-Farm Employment Change

3:30pm CAD Medium Building Permits m/m

3:30pm CAD Medium Labor Productivity q/q

3:30pm USD Medium Revised Nonfarm Productivity q/q

3:30pm USD Low Revised Unit Labor Costs q/q

5:00pm USD Low Final Wholesale Inventories m/m

5:30pm USD High Crude Oil Inventories

8:01pm USD Low 10-y Bond Auction

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.