Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Tuesday 21st of March 2016 By Michalis Markides

General Market NewsThe UK economy will be under scrutiny today with a pair of updates, starting with the February report on consumer inflation, followed by this month’s CBI Industrial Trends Survey data. Meantime, keep your eye on the South African rand, which is one of the strongest currencies at the moment relative to the US dollar. The Bank of England (BoE) decided to hold its policy interest rate at a record low of 0.25% last week while inflation is expected to edge up to a three-year high in today’s update for February. Economists expect that consumer prices at the headline level will increase 2.1% for the year through February, topping the two-percent mark for the first time since late 2013, according to TradingEconomics.com’s consensus forecast. The unclear path of Brexit in the months ahead may worry the monetary mavens at the Bank of England, but the top brass at large financial institutions expect that the UK economy will continue to expand at a solid pace this year. US stock indices closed slightly lower Monday for the third straight day of losses, as trading was muted without major economic or corporate news, with financials and energy stocks putting pressure on the S&P500.

Forex NewsThe EUR/USD pair founds fresh demand near 1.0750 region, sending the rate back towards daily tops, as the sentiment around the common currency remains underpinned amid latest news of a Macron win at the first French presidential debate. The USD/CAD pair seems have entered a consolidative phase and has been confined within a broader trading range above the 1.3300 handle. The Sterling is trading on a better mood vs. the buck ahead of the opening bell in Europe on Tuesday, taking GBP/USD to the 1.2370/80 band for the time being. Friday’s strong decline took EURGBP back to the 13-day moving average. It was the failure to break below that crucial level that undermined negative signals to the degree that this week’s outlook was considered unclear. The importance of the 13-day average though was proved by modest demand from that point on Monday, upside that has been extended in Asia. USDJPY remains below the 100 day moving average and the main support is at ¥111.75. Only a break below could trigger strong selling interest and a surge in vol.

Metals and Commodities NewsGold prices edged lower on Tuesday, failing to break a key resistance but hovered near a two-week high hit in the previous session on prospects of a less-hawkish Federal Reserve policy. Spot gold was down 0.4per cent at $1,228.61 per ounce. In the previous session, it touched its strongest since March 6 at $1,235.50. US gold futures fell 0.4 per cent to $1,228.60. Oil prices rose early on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, and as strong demand was seen to slowly erode a global fuel supply overhang, Reuters reported. Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.76 per barrel at 0043 GMT, up 14 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 6 cents, or 0.1 percent, at $48.28 a barrel.

Name S3 S2 S1 Pivot Points R1 R2 R3

EUR/USD 1.0659 1.0691 1.0715 1.0747 1.0771 1.0803 1.0827

USD/JPY 111.92 112.18 112.37 112.63 112.82 113.08 113.27

GBP/USD 1.2211 1.2272 1.2315 1.2376 1.2419 1.2480 1.2523

USD/CHF 0.9923 0.9938 0.9962 0.9977 1.0001 1.0016 1.0040

USD/CAD 1.3238 1.3270 1.3309 1.3341 1.3380 1.3412 1.3451

EUR/JPY 119.74 120.20 120.54 121.00 121.34 121.80 122.14

AUD/USD 0.7625 0.7653 0.7692 0.7720 0.7759 0.7787 0.7826

NZD/USD 0.6921 0.6956 0.7005 0.7040 0.7089 0.7124 0.7173

EUR/GBP 0.8604 0.8629 0.8660 0.8685 0.8716 0.8741 0.8772

EUR/CHF 1.0644 1.0670 1.0698 1.0724 1.0752 1.0778 1.0806

GBP/CHF 1.2204 1.2255 1.2299 1.2350 1.2394 1.2445 1.2489

GBP/JPY 137.23 138.03 138.56 139.36 139.89 140.69 141.22

Gold 1225.36 1227.33 1230.46 1232.43 1235.56 1237.53 1240.66

Silver 17.267 17.316 17.377 17.426 17.487 17.536 17.597

Brent Oil 50.17 50.59 51.10 51.52 52.03 52.45 52.96

Crude Oil 46.90 47.37 47.80 48.27 48.70 49.17 49.60

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

TueMar 21

9:30am GBP High CPI y/y

9:30am GBP Medium PPI Input m/m

9:30am GBP Medium Public Sector Net Borrowing

9:30am GBP Medium RPI y/y

All Day EUR Medium ECOFIN Meetings

10:35am GBP High BOE Gov Carney Speaks

12:30pm CAD High Core Retail Sales m/m

12:30pm USD Medium Retail Sales m/m

12:30pm USD Medium Current Account

Tentative NZD High GDT Price Index

Economic Calendar

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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.