GBP/USD: Sterling awaits NFP undeterred by Brexit gridlock

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GBP/USD is rising, 0.3% up at 1.2630, amid the misery of the US dollar, which is losing its shine as a safe-haven. Brexit talks and especially US Nonfarm Payrolls are expected to have a meaningful impact on the pair, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Sterling is surging despite the Brexit gridlock. The current round of talks about future EU-UK relations concludes today and will unlikely result in any breakthrough. Hopes for mutual concessions have faded away but do not deter the pound.”

“There is a greater probability that US Nonfarm Payrolls will have a more significant impact on the cable. America probably lost around eight million jobs in May, better than 20.5 million that were shed in April, yet still a devastating figure. The Unemployment Rate is set to rise to nearly 20% from just under 15%.”

“Stocks are rising and the dollar is falling amid the Federal Reserve’s ongoing support to markets. Funds are stabilizing the financial system and boosting stocks.”

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