• A modest USD recovery move prompts some profit-taking on Thursday. • Risk-off mood/upbeat US data remained supportive of the USD rebound. The EUR/USD pair extended its steady intraday decline and retreated further below the 1.1400 handle, eroding a part of the previous session's strong gains. The pair failed to capitalize on the post-FOMC upswing to six week tops (mid-1.1400s) and witnessed some profit-taking on Thursday, snapping four consecutive days of winning streak amid a modest US Dollar rebound. It is worth reporting that the key USD Index plunged to its lowest level since early February on Wednesday after the Fed indicated there will be no more rate hikes in 2019 and also downgraded its economic outlook. However, a global wave of risk-aversion trade, amid renewed concerns over a disorderly Brexit and US-China trade disputes, seemed to underpin the greenback's relative safe-haven status against its European counterpart. The USD rebound remained supported today..

"The index for current manufacturing activity in the region increased from a reading of -4.1 in February to 13.7 this month," the Federal Reserve Bank of Philadelphia reported in its March 2019 Manufacturing Business Outlook Survey. Key takeaways from the press release The current new orders index improved modestly, increasing from -2.4 in February to 1.9 in March. The current shipments index increased 25 points to 20.0. The current employment index, however, decreased from a reading of 14.5 in February to 9.6 this month. The prices paid index decreased 2 points to 19.7. The prices paid index declined for the eighth consecutive month and is at its lowest reading since July 2017.

"In the week ending March 16, the advance figure for seasonally adjusted initial claims was 221,000, a decrease of 9,000 from the previous week's revised level," the U.S. Department of Labor announced on Thursday. Key takeaways from the press release The 4-week moving average was 225,000, an increase of 1,000 from the previous week's revised average. The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending March 9. The advance number for seasonally adjusted insured unemployment during the week ending March 9 was 1,750,000, a decrease of 27,000 from the previous week's revised level.

Prices of the WTI are correcting lower around $59.50. US crude oil supplies dropped more than expected yesterday. US-China trade dispute back to the fore. After briefly testing the psychological $60.00 mark per barrel, prices of the WTI are now giving away some gains and returning to the $59.50 region. WTI looks to trade, data Prices of the barrel of the West Texas Intermediate are navigating the lower bound of the daily range, easing some ground for the first time after three consecutive daily advances and coming down after testing levels just above the $60.00 mark, area last visited in mid-November 2018. WTI is coming under some selling pressure after the Federal Reserve highlighted the likeliness of a slowdown in the economy at its meeting on Wednesday. However, the persistent selling bias hitting the greenback plus another drop of US crude supplies as reported by the EIA on Wednesday and the ongoing OPEC+ output cut deal continue to sustain the underlying bullish view in the..

Britain's opposition Labour Party leader - Jeremy Corbyn cross the wires in the last hour saying that we are considering what proposals to put before the parliament next week and revoking Article 50 is hypothetical. Additional quotes: • Believe we can get a majority for a Brexit deal. • Do not believe PM May's deal is the way forward.

In a widely expected decision, the Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.75% with a unanimous vote. The asset purchase facility remained steady at €435 billion as well. Below are some key takeaways from the monetary policy statement. Since the Committee’s previous meeting, the news in economic data has been mixed, but the MPC’s February Inflation Report projections appear on track. The broad-based softening in global GDP and trade growth has continued. Shifting expectations about the potential nature and timing of the United Kingdom’s withdrawal from the European Union have continued to generate volatility in UK asset prices, particularly the sterling exchange rate. The economic outlook will continue to depend significantly on the nature and timing of EU withdrawal. The appropriate path of monetary policy will depend on the balance of these effects on demand, supply and the exchange rate. The monetary policy response to Brexit, wha..