At 7:00 am ET Thursday, the Bank of England announces decision on monetary policy and releases quarterly inflation report. The central bank is forecast to hold its interest rate at a record low of 0.25 percent and maintain asset purchase programme at GBP 435 billion.

Ahead of the announcement, the pound traded mixed against the other major currencies. While the pound dropped against the yen, it held steady against the rest of major currencies.

The pound was worth 1.2920 against the greenback, 147.31 against the yen, 0.8411 against the euro and 1.3018 against the franc as of 6:55 am ET.

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