Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Thursday 23rd of February 2016 By Michalis Markides

General Market NewsStock markets across Asia were broadly lower early Thursday, following lackluster performance on Wall Street overnight, as investors digested the latest Federal Reserve meeting minutes. FOMC minutes overnight showed a Federal Reserve inching towards its next rate hike but didn’t do enough to convince the market that it would be at March’s meeting. The US dollar fell in the wake of the minutes release. Robust existing home sales data continues to show strength within the US housing market. M/m sales climbed 3.3% above the 1.1% expectation. Brexit blowback pinched retail spending in January. Is a repeat performance brewing for February? Today’s CBI data offers an early estimate. The expected increase for the CBI benchmark implies that the hard data on retail spending will stabilise in January via the year-on-year comparison. That would be welcome news after three straight months of a softer annual rate of growth. Barclays has reported a rise in profits after making "strong progress" in restructuring. The bank reported a profit before tax of £3.2bn for 2016, up from £1.1bn the year before. Deutsche Bank is set to announce another shakeup in its senior ranks. Dixit Joshi, who previously led the bank's fixed-income sales force as head of the institutional client group for debt, is expected to move to the role of group treasurer.

Forex NewsDollar was unmoved by the hawkish FOMC minutes released overnight and struggles to extend gain. EUR/USD's break of 1.0520 minor support yesterday is seen as a sign of decline resumption. However, GBP/USD, USD/JPY, USD/CAD and AUD/USD are all held in established range. Similarly, the dollar index lost momentum ahead of near term resistance level at 101.76. The move in EUR/USD was more due to weakness in the common currency in general, due to political uncertainties. Elsewhere, Japan corporate service price index rose 0.5% yoy in January. Australia private capital expenditure dropped -2.1% in Q4. German GDP was finalized at 0.4% qoq in Q4. German Gfk consumer sentiment dropped to 10.0 in March. US initial jobless claims will be the main focus of the day. House price index will also be featured.

Metals and Commodities NewsOil prices regained momentum Thursday, but the tug-of-war between ongoing supply cuts in the Middle East and increasing production in the U.S., kept prices range-bound. Prices retreated on Wednesday by around 1.4% after a three-session winning streak, mainly due to technical selling, said Ben Le Brun, a market analyst at optionsXpress. With oil prices staying above the $50 per barrel mark, more shale drillers are returning to the oil fields, suggesting U.S. crude oil production will likely continue to increase. It estimates total U.S. production to average 9.0 million barrels a day in 2017 and 9.5 million barrels a day next year. Gold prices continued to hold steady as they have been doing over the past several days now. There is a good battle going on between the bulls and the bears to seize control of the gold prices and so far, there has not been much progress from either side and this is the reason for the stalemate and the consolidation in the prices.

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0426 1.0459 1.0508 1.0541 1.0590 1.0623 1.0672

USD/JPY 112.00 112.44 112.87 113.31 113.74 114.18 114.61

GBP/USD 1.2323 1.2372 1.2411 1.2460 1.2499 1.2548 1.2587

USD/CHF 1.0004 1.0039 1.0072 1.0107 1.0140 1.0175 1.0208

USD/CAD 1.3008 1.3058 1.3111 1.3161 1.3214 1.3264 1.3317

EUR/JPY 117.43 117.99 118.79 119.35 120.15 120.71 121.51

AUD/USD 0.7622 0.7643 0.7673 0.7694 0.7724 0.7745 0.7775

NZD/USD 0.7094 0.7117 0.7154 0.7177 0.7214 0.7237 0.7274

EUR/GBP 0.8323 0.8361 0.8419 0.8457 0.8515 0.8553 0.8611

EUR/CHF 1.0574 1.0598 1.0632 1.0656 1.0690 1.0714 1.0748

GBP/CHF 1.2430 1.2493 1.2537 1.2600 1.2644 1.2707 1.2751

GBP/JPY 138.63 139.53 140.29 141.19 141.95 142.85 143.61

Gold 1222.86 1227.33 1229.66 1234.13 1236.46 1240.93 1243.26

Silver 17.755 17.830 17.890 17.965 18.025 18.100 18.160

Brent Oil 53.94 54.79 55.31 56.16 56.68 57.53 58.05

Crude Oil 51.85 52.60 53.10 53.85 54.35 55.10 55.60

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

ThuFeb 23

Tentative GBP Low 10-y Bond Auction

11:00am GBP Low CBI Realized Sales

12:00pm USD Medium Treasury Sec Mnuchin Speaks

1:30pm CAD Low Corporate Profits q/q

1:30pm USD High Unemployment Claims

2:00pm USD Low HPI m/m

3:30pm USD Low Natural Gas Storage

4:00pm USD High Crude Oil Inventories

6:00pm USD Medium FOMC Member Kaplan Speaks

10:30pm AUD High RBA Gov Lowe Speaks

Economic Calendar

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