After a steep drop, crude oil is bumping against support levels and remains vulnerable to further long liquidation if those levels fail to hold up. The euro strengthened vigorously across the board on Thursday after ECB president Mario Draghi was forced to admit that the economic outlook has improved. And bond yields are on the move.

• Sharply knocked crude oil bouncing off support levels 
• Big key area for WTI is $48.70/barrel, while Brent is looking at $50/b
• Crude oil likely to pause but remain pressured by long-liquidation: Hansen
• Many oil longs are under water and could trigger more selling: Hansen
• Brent at $50/ could be 'line in the sand' for Opec: Hansen
• Euro much higher across the board on shift in rate outlook: Hardy 
• ECB's Draghi was forced to admit the economic outlook has improved: Hardy
• Higher rates and commodity weakness hurting commodity FX and EM FX
• USDJPY broke elusive 115.00 and cuold head towards Dec-Jan high at 118 next
• Bond yields on the move, with US 10-year breaking 2.6% barrier
• US February employment report (nonfarm payrolls) due at 1330 GMT
• Average hourly earnings the important component to watch in US jobs report