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British Prime Minister Boris Johnson’s spokesman said on Tuesday that the PM has reemphasised to his cabinet his desire to reach a trade deal with the European Union but not at any cost, per Reuters.

“The PM restated to the cabinet that a no-trade deal was the most likely outcome,” the spokesman added.

Market reaction

The British pound erased a small portion of its daily gains against the greenback after these comments. As of writing, the GBP/USD pair was up 0.35% on the day at 1.3368.