The Greenback remains firm following lower unemployment insurance claims

Daily Currency Update

USD - United States DollarThe U.S. dollar index rises slowly by 0.06 percent following economic data this morning. Unemployment insurance weekly claims came in at 209k versus the 215k expected, where the 'actual number' being less than the 'forecast' is good for the U.S dollar. According to the U.S. Department of Labor, the previous week's level was revised up by 2k from 215k to 217k.Yesterday, Chicago Fed's Charles Evans said developments since last week's rate cut might indicate economic headwinds that warrant more easing. He added, "…you could take the view, as I have, that inflation alone would call for more accommodation than we've put in place with just our last meeting." Evans had already said he thought the Fed would need to cut rates this year by at least one more quarter-percentage-point, and he mentioned yesterday that, "…it would be reasonable to do more than just that ... you could take the view that the risks now had gone up."President Trump increased pressure on the Fed through his Twitter account, renewing his demands for "bigger and faster" rate cuts. He added, "…incompetence is a terrible thing to watch, especially when things could be taken care of so easily ... Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much."At this point, market participants are pricing in a 0 percent chance the Fed doesn't move at its next meeting in September and a nearly 50 percent likelihood of three rate cuts by year-end.