10/12/2018, 6:49 PM (Source:
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Sterling weakens on Brexit turmoil, deadlines

The pound suffered losses across the board on Friday as information emerged about the opposition within the ruling Conservative Party to plans by Prime Minister Theresa May's negotiators. The stumbling point is the length of a customs union regime with the European Union after Brexit. The transition period could be used by the United Kingdom to work on a final deal for the land border with Ireland, where potential physical barriers and checks for goods are the most sensitive issue.

Leaders of the EU and member states are holding a crucial meeting next week as deadlines for an arrangement loom.

Sterling fell 0.6% to $1.31556 at 6:46 pm CET. The euro advanced 0.35% to £0.87898. The British currency was down 0.82% at ¥147.242 after reaching ¥147.167, the lowest mark since September 24. The exchange rate against the Swiss franc fell 0.46% to 1.3033.

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