Today was published statistics on the unemployment rate in the euro area, which unexpectedly dropped to 10.9% in July against the forecast of 11.1%. This value was the lowest since February 2012. The lowest rate among the euro zone countries was recorded in Germany (4.7%). The highest unemployment rate in the euro area was recorded in Greece (25.0%) and Spain (22.2%). We recall that the high unemployment and low inflation are the main challenges for the euro area economy. Given the expected rise in interest rates and the Fed's program of quantitative easing in the euro zone, we maintain a medium-term negative outlook for the euro with the targets of 1.07 and 1.05.