Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Tuesday 7th of March 2016 By Michalis Markides

General Market NewsUS January factory orders grew for a second successive month, rising by 1.2% month on month, beating markets’ expectations. Ex-transport orders also rose by 0.3%, the sixth consecutive monthly gain, suggesting a pick-up in investment. North Korea filed four ballistic missiles into the sea off Japan’s north-west on Monday, days after it promised retaliation over US-South Korea military drills, angering its neighbours South Korea and Japan. The US and Japan have requested an urgent meeting of the UN Security Council on the launches today. US indices were down 0.2% to 0.4%, with the Nasdaq leading the decline. The Dow was unable to hold the 21,000 level as the equity market seems to have run out of fresh stimulus to grind it higher. European markets also finished lower, shares in Germany leading the region's decline. The DAX is down 0.57% while France's CAC 40 is off 0.46% and FTSE 100 went south by 0.33%. Shares of Snap Inc (SNAP.N) slumped 12 percent on Monday and closed at their lowest level of the three sessions since the Snapchat owner's soaring market debut last week. The $3.4-billion listing last Thursday was the hottest technology offering in three years, but the loss-making company's lofty valuation and slowing user growth have raised eyebrows on Wall Street.Forex NewsCurrently, the USD/CHF pair trades modestly flat near session highs of 1.0122, with the bulls awaiting fresh impetus from the sentiment on the European markets. The broader market sentiment appears mixed amid subdued US dollar versus its major peers. The USD/JPY pair struggled for a firm direction and has been confined within a 15-20 pips narrow trading band around the 114.00 handle amid subdued trading action on Tuesday. The Sterling is trading on the defensive on Tuesday, with GBP/USD gravitating around the area of multi-week lows near 1.2220 ahead of the opening bell in Europe. The rates on-hold policy maintained by the RBA keeps the AUD bulls underpinned, as the AUD/USD pair enters a phase of upside consolidation heading into early Europe.

Metals and Commodities NewsGold prices were little changed on Tuesday, hovering above a two-week low hit on Friday, amid expectations of a US interest rate hike this month and ahead of key economic data due later in the week. The metal hit $1,222.51, the lowest since February 15, on Friday after US Federal Reserve Chair Janet Yellen said that the Fed was poised to lift benchmark US rates, provided jobs and inflation data held up, comments seen as cementing plans for an increase at the Fed's March 14-15 meeting. Oil prices extended their declines on Tuesday over concerns about rising U.S. oil supplies and pessimism over China’s economic growth outlook for this year. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, -0.23% traded at $53.13 a barrel, down 7 cents in the Globex electronic session. May Brent crude LCOK7, -0.32% on London’s ICE Futures exchange fell 11 cents to $55.90 a barrel.

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0484 1.0528 1.0555 1.0599 1.0626 1.0670 1.0697

USD/JPY 112.95 113.24 113.56 113.85 114.17 114.46 114.78

GBP/USD 1.2123 1.2172 1.2204 1.2253 1.2285 1.2334 1.2366

USD/CHF 1.0017 1.0043 1.0081 1.0107 1.0145 1.0171 1.0209

USD/CAD 1.3321 1.3345 1.3378 1.3402 1.3435 1.3459 1.3492

EUR/JPY 119.24 119.77 120.13 120.66 121.02 121.55 121.91

AUD/USD 0.7514 0.7540 0.7560 0.7586 0.7606 0.7632 0.7652

NZD/USD 0.6906 0.6946 0.6970 0.7010 0.7034 0.7074 0.7098

EUR/GBP 0.8566 0.8593 0.8621 0.8648 0.8676 0.8703 0.8731

EUR/CHF 1.0633 1.0656 1.0683 1.0706 1.0733 1.0756 1.0783

GBP/CHF 1.2298 1.2325 1.2354 1.2381 1.2410 1.2437 1.2466

GBP/JPY 137.77 138.48 138.92 139.63 140.07 140.78 141.22

Gold 1212.24 1218.97 1221.74 1228.47 1231.24 1237.97 1240.74

Silver 17.413 17.574 17.673 17.834 17.933 18.094 18.193

Brent Oil 54.54 54.93 55.47 55.86 56.40 56.79 57.33

Crude Oil 51.98 52.37 52.78 53.17 53.58 53.97 54.38

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

TueMar 7

10:00am CHF Low Foreign Currency Reserves

10:30am GBP Medium Halifax HPI m/m

12:00pm EUR Low Revised GDP q/q

3:30pm CAD High Trade Balance

3:30pm USD Medium Trade Balance

Tentative NZD High GDT Price Index

5:00pm CAD Medium Ivey PMI

5:00pm USD Low IBD/TIPP Economic Optimism

10:00pm USD Low Consumer Credit m/m

11:45pm NZD Low Manufacturing Sales q/q

Economic Calendar

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