Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Wednesday 22nd of March 2016 By Michalis Markides

General Market NewsWall St. closed lower on Tuesday, led by financials, as uncertainty concerning the timeline of the Trump administration pro-growth policies weighed on sentiment. The Dow Jones Industrial Average closed 1.14% lower at 20,668. The S&P 500 shed 1.24% and the Nasdaq Composite closed at 5,793 down 1.83%. The Federal Reserve’s dovish comments last week concerning the pace of the rate hikes and worries that President Donald Trump will struggle to implement some of his pro-growth policies, which includes tax reform, weighed on Financials and the broader market. Goldman Sachs Group Inc (NYSE:GS), Wells Fargo & Company (NYSE:WFC), and Bank of America Corporation (NYSE:BAC) closed more than 3% down. Japan’s Nikkei Stock Average NIK, -2.13% was down 1.5% in morning trade, opening at a three-week low and coming within 100 points of breaking below the key 19,000-point level. Elsewhere, Australia’s S&P/ASX 200 XJO, -1.56% was down 1.3% and Korea’s SEU, -0.46% slipped 0.5%.Forex NewsThe greenback weakened after Chicago Federal Reserve President Charles Evans said on Monday that the Fed is on track to raise rates twice more this year, underlining the view that the central bank will stick to a gradual pace of tightening after last week’s rate hike. The Australian dollar slipped lower against its U.S. counterpart on Wednesday, but losses were expected to remain limited as sentiment on the greenback remained vulnerable, while the New Zealand dollar held steady ahead of the Reserve Bank of New Zealand’s policy decision. The greenback remained heavily offered against its Japanese counterpart, with the USD/JPY pair extending its bearish slide for the seventh consecutive session to hit nearly four month lows. The British Pound is picking up pace vs. the greenback on Wednesday, taking GBP/USD to test fresh tops beyond the 1.2500 the figure. Hedge funds are still interested in EURUSD upside following the first debate of the French elections. Considering all the issues accumulating for Fillon and the success of Macron during the debate, Macron seems in the best position to win the election.Metals and Commodities NewsOil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.79 per barrel at 0451 GMT, down 17 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.4 percent, at $48.08 a barrel. Gold prices ended Tuesday’s session up $10.33, extending their gains to a fifth straight session, as widespread falls in the global stock markets and continued weakness in the U.S. dollar fueled demand for the precious metal. The XAU/USD pair initially retreated towards the $1225 level, but bounced up from there and broke through the $1238/7 area. Consequently, the market reached the $1246/2 region as anticipated. Spot silver was up 0.2 % to $17.52 per ounce, after hitting a more than two-week high of $17.59 in the previous session. Platinum was 0.3 % higher at $969.50 per ounce, after touching a two-week peak at $974.80 on Tuesday. Palladium was down 0.7 % at $780.18 per ounce. The metal hit a more than one-month high at $792.90 in the prior session.

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0639 1.0678 1.0744 1.0783 1.0849 1.0888 1.0954

USD/JPY 109.85 110.69 111.20 112.04 112.55 113.39 113.90

GBP/USD 1.2222 1.2280 1.2380 1.2438 1.2538 1.2596 1.2696

USD/CHF 0.9820 0.9870 0.9904 0.9954 0.9988 1.0038 1.0072

USD/CAD 1.3184 1.3223 1.3288 1.3327 1.3392 1.3431 1.3496

EUR/JPY 119.01 119.80 120.30 121.09 121.59 122.38 122.88

AUD/USD 0.7592 0.7636 0.7664 0.7708 0.7736 0.7780 0.7808

NZD/USD 0.6954 0.6991 0.7017 0.7054 0.7080 0.7117 0.7143

EUR/GBP 0.8542 0.8593 0.8629 0.8680 0.8716 0.8767 0.8803

EUR/CHF 1.0658 1.0684 1.0714 1.0740 1.0770 1.0796 1.0826

GBP/CHF 1.2219 1.2266 1.2335 1.2382 1.2451 1.2498 1.2567

GBP/JPY 137.12 138.00 138.70 139.58 140.28 141.16 141.86

Gold 1214.46 1220.43 1233.26 1239.23 1252.06 1258.03 1270.86

Silver 17.128 17.234 17.408 17.514 17.688 17.794 17.968

Brent Oil 48.89 49.81 50.38 51.30 51.87 52.79 53.36

Crude Oil 45.31 46.27 46.81 47.77 48.31 49.27 49.81

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

WedMar 22

9:00am EUR Low Current Account

Tentative EUR Low German 10-y Bond Auction

Tentative GBP Low 30-y Bond Auction

1:00pm USD Low HPI m/m

2:00pm CHF Low SNB Quarterly Bulletin

2:00pm USD Medium Existing Home Sales

2:30pm USD High Crude Oil Inventories

7:45pm CAD Medium Gov Council Member Schembri Speaks

8:00pm NZD High Official Cash Rate

8:00pm NZD High RBNZ Rate Statement

Economic Calendar

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