The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European trading session as the US dollar weakened ahead of the release of the revised US Nonfarm Payrolls (NFP) report, which will be published at 14:00 GMT.
At the time of writing, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a new six-week low around 97.30.
Investors will be closely monitoring the US Nonfarm Payrolls (NFP) benchmark revision report, which will show the deviation in the cumulative monthly figures for the year ending March 2025. The final revision for 2025 will be implemented in the 2026 Employment Situation release.
The impact of the aforementioned figures will be significant for the Federal Reserve's (Fed) monetary policy outlook, as the US central bank is expected to cut interest rates by 50 basis points (bps) at its September 2024 meeting after the report showed a downward revision in payrolls of 818,000. (alg)
Source: FXstreet
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