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EUR/USD is continuing a gradual, yet very persistent fall. It pauses only shortly at support level and is now threatening to completely erase the levels of the past two weeks.

Here are 3 main reasons for the drop of the euro, that may certainly continue beyond today.

Spanish Downturn: Spain’s unemployment rate doesn’t stop rising. It reached 23.3%. And now, the government projects an even higher rate in 2012. Spain is expected to see a deep, not mild recession, with a contraction of 1.7% in 2012. It defies Brussels’ deficit target of 4.4% and sets a goal of 5.8%. Spain is the euro-zone’s fourth largest economy. Spain is back in the scene. Big time.

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Gold and silver bounced back from Wednesday's tumble. The US unemployment claims edged up to 353k, which may have strengthened the US dollar during yesterday against many currencies. Currently gold and silver are slightly falling. Today there Canada's GDP monthly update will be published.
The complete daily outlook on gold and silver prices

Gold slightly rose on Thursday by 0.64% to $1,722.2; silver much like gold traded up by 2.94% to $35.66. During the week, gold fell by 3.05% while silver increased by 0.68%.
The chart below shows the developments of gold and silver during the last couple of weeks (prices are normalized to February 16th).

Euro dollar continues losing ground and is dipping below another support line. The Eurogroup delayed the final decision about the second bailout to Greece for another week, after the bond swap is completed and a “final assessment” is made. The deadline for a default is getting closer, and it seems that Greece is pushed to the edge of the cliff. The credit event call was diverted for now, but it’s not the end of the story. How will this week end? EU Leaders are meeting in Brussels, but the Greek issue is officially off the agenda for today. We could still hear news of all sorts.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

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