The pound edged up marginally against the dollar and euro ahead of Boris Johson’s “frank” talks with French president Emmanuel Macron today.

Currency traders will be watching for any sign of a change in the likelihood of a no-deal Brexit. The pound briefly shot up on Tuesday after Angela Merkel’s commented that the EU would consider practical solutions to the Irish border. Sterling quickly fell back down again as markets digested the fact that little had changed in Germany's stance on the Brexit withdrawal agreement.

Hours before the scheduled start of today's meeting, Mr Macron ruled out making any concessions on the backstop and warned Britain was headed for “historic vassalisation” if Mr Johnson ploughs ahead with a no-deal Brexit.

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