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Sterling held on to $1.34 thanks to broad dollar weakness, but derivative markets were flashing red on doubts that Britain and the European Union can strike a Brexit deal before the country’s transition out of the bloc ends in four weeks’ time.

The EU’s chief Brexit negotiator told member states’ envoys on Wednesday negotiations were reaching “a make-or-break moment”, and they urged him not to be rushed into an unsatisfactory agreement.

The United Kingdom leaves the EU’s orbit on Dec. 31, when a transition period of informal membership ends following its formal departure last January, and the sides are trying to secure a deal to govern nearly $1 trillion in annual trade.

There will be no further extensions. There will be no extra time.

The negotiators have been going back and forth for weeks over three main issues that remain unresolved: fisheries, economic fair play and settling disputes.

Failure to secure a deal would snarl borders, spook financial markets and disrupt delicate supply chains that stretch across Europe and beyond — just as the world grapples with the vast economic cost of the COVID-19 outbreak.

British Education Secretary Gavin Williamson said good progress was being made that, but Prime Minister Boris Johnson’s government will not sign up to a deal that is not in Britain’s interest.

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