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Currencies: Pound slides after poll shows conservatives’ lead shrinking

The British pound fell sharply against the U.S. dollar and other currency rivals on Friday, dropping below $1.29, after a poll showed a further narrowing of the Conservative Party’s lead before the U.K.’s general election.

The pound GBPUSD, -1.0046% stumbled to $1.2808 late Friday in New York from $1.2944 late Thursday in New York. The pound fell 1.7% against the dollar over the week.

Sterling also fell sharply against the yen GBPJPY, -1.53% down 1.6% to ¥142.48 from ¥144.74. It also retreated against the euro GBPEUR, -0.6930% buying €1.1462 versus €1.1544.

A YouGov poll for The Times newspaper released Friday showed the lead for the ruling Conservative Party has been cut to 5 percentage points over the Labour Party ahead of the June 8 election.

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