The US dollar remains popular during the European session. The EUR/USD pair is still trading under pressure around 1.1740. Bears turned their attention to the pair after the speech of ECB President Mario Draghi at the conference devoted to the structural reforms in the eurozone, where officials noted only the positive impact of low interest rates on the economy of the region. In addition, the situation in Spain is still tense. Catalonia cannot give a clear answer about its plans to gain independence, demanding the Spanish authorities to organize a meeting within the next two months. The fourth eurozone economy starts to contract amid a decline in business confidence.

Meanwhile, the British pound is weakening, as the GBP/USD pair almost touched a week low and is trading close to 1.3170. At the same time, the average weekly earnings in the UK grew by 2.2% in the period from June to August, which was above market expectations. The big picture of the UK labor market was spoiled by significant growth in the number of applications for unemployment benefits. The Claimant Count showed an increase by 1,700 afTer a drop in the previous month, which means that the number of unemployned increased in September. The UK unemployment rate remained under 4.3% in August, which is the lowest reading since 1975. The political factors that have developed both in the eurozone and in the UK influence the national currencies. However, traders keep close attention to the new releases of statistical data.


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