EU proposes conditional Brexit deadline extension to May 22

The European Union proposed a conditional extension of the Brexit deadline until May 22 -- when elections for the European Parliament begin -- in draft conclusions of a European Council meeting Thursday, according to reports. However, the extension would be tied to the U.K. Parliament supporting Prime Minister Theresa May's withdrawal deal. The deal, or an amended version thereof, is expected to be put to vote next week. The EC said an extension beyond May 22 was impossible due to the EU elections, which the U.K. isn't intending to take part in. May had requested an extension until June 30. At present, the U.K. is set to leave the EU on March 29 without a trade deal in place. The British pound , dropped to a session-low of $1.2981 shortly before the extension proposal became known. It was its lowest level in about two-weeks. Sterling last bought $1.3046, down 1.1% from Wednesday. The euro , meanwhile, bought £0.8700, up 0.6%.

Palladium Peaks Again; Gold Near Monthly High Before Retreating

By Barani Krishnan

Euro zone consumer confidence improves to -7.2 in March

(Reuters) - Euro zone consumer confidence rose by 0.2 point in March from the February number, figures released on Thursday showed. The European Commission said a flash estimate showed euro zone consumer ...

Dollar Rides Sterling Slump, Philly Fed Data Higher

Investing.com - The U.S dollar rose sharply against its rivals Thursday amid upbeat manufacturing data and a slump in sterling.

Bank of England leaves policy on hold amid Brexit uncertainty

The Bank of England left its main lending rate unchanged at 0.75% on Thursday, in line with expectations. The central bank said new economic data has been mixed and the U.K.'s economic outlook will depend significantly on the nature and timing of Brexit. "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," said the BOE statement. "Brexit uncertainties also continue to weigh on confidence and short-term economic activity, notably business investment." The market reaction to the policy update was muted, with the British pound holding its losses in response. Sterling last bought $1.3115, down 0.6%. In other assets, the 10-year gilt also reacted little, last yielding 1.08%, while U.K. stock benchmark FTSE 100 held on to its modest gain, last up 0.4%

U.S. Dollar Rises Even as Fed Takes Dovish Stance

European markets mixed as investors digest dovish Fed

The U.S. Federal Reserve’s downbeat outlook hit currencies but the effect on equities was inconclusive

Stocks - Wall Street Flat as Fed Fever Cools

The Dow was flat by 9:42 AM ET (13:42 GMT), while the S&P; 500 gained 1 point, or 0.1%, and the tech-heavy Nasdaq composite rose 13 points, or 0.18%.

Gold Rises as Fed's Pivot Crushes Treasury Yields

Gold prices jumped on Thursday as the yield on the 10-year Treasury note fell to a 14e-month low after the Federal Reserve indicated it would not raise rates for the rest of the year. Comex gold futures for April delivery had hit a three-week high after the Fed's announcements and retraced only marginally to $1,317.35 an ounce by 9:01 AM ET (13:01 GMT). Meanwhile, the yield on the United States 10-Year benchmark note fell another 1.8 basis points to 2.52%, some 8 basis points below where it was before the Fed, and a level not seen since January 2018.