Pound Trims Gains on Speculation Surrounding Customs Union

(Bloomberg) -- The pound turned Brexit-driven once more and pared gains after Reuters cited a source in the Prime Minister’s office as dismissing speculation that the U.K. is ready to stay in the European Union customs union beyond 2021.

Sterling had risen 0.6 percent against the dollar earlier in the day. Prime Minister Theresa May’s inner Cabinet has drawn up a plan to fix the intractable Irish border problem: keeping some European Union customs rules for years after Brexit.

The pound traded 0.3 percent higher at $1.3523 as of 8:42 a.m. in London.

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