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German Chancellor Angela Merkel’s spokesman crossed the wires in the last minutes confirming that there had been a phone call between British Prime Minister Boris Johnson and Angela Merkel but declined to comment on the details of their conversation.

According to several news outlets, a No 10 source familiar with the conversation said that a Brexit deal was “essentially impossible” after the call between Johnson and Merkel.

The British pound stays under pressure against its major rivals and the GBP/USD is now losing 0.5% on the day at 1.2230.