The GBP/USD pair gathers strength to around 1.3560, the highest since August 15, during the early European session on Tuesday. The US Dollar (USD) weakens against the Pound Sterling (GBP) as weaker US jobs data shore up the case for deeper Federal Reserve (Fed) interest rate cuts.
Gold’s rally extended for the second straight day on Monday, reaching a new record high of $3,646 as growing confidence that the Federal Reserve (Fed) will reduce rates at the September meeting increased. Therefore, XAU/USD trades at $3,634, up by more than 1%.
The Pound Sterling advances at the beginning of the week as traders continue to digest the recent US employment report that keeps investors’ chances about an interest rate cut by the Fed. At the time of writing, the GBP/USD trades at 1.3541, up 0.26%.