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According to Robert Peston, ITV’s political editor, before launching its EU elections manifesto, in which it needs to touch on cross-party talks with the government, tomorrow, Labour party might announce talks ‘dead’ later today.

“To be clear, there are more talks between the two sides this evening. But those involved tell me they have no expectation a breakthrough will be seized from the jaws of futility,” Peston wrote.

The market reaction was muted to this headline and the GBP/USD pair continues to trade in the lower half of its daily range a little above the 1.30 mark.