Wednesday, the Bank of England is scheduled to release the minutes of the Monetary Policy Committee meeting held on April 8 and 9 at 4.30am ET. The MPC had held the interest rate at a historical low of 0.5%.

A preliminary report for M4 money supply is also due from the central bank at the same time. UK M4 money supply growth is expected to fall to 1.2% month-on-month in March from 1.4% in February. On an annual basis, money supply is forecast to rise 19.2% in March, compared with February's 18.7% increase.

Meanwhile, the UK labor market statistics as well as public sector finance reports are also due. The claimant count rate is seen at 4.6%, up from 4.3% in February. The number of people claiming jobless benefits in the UK is expected to increase 116,000 in March after reporting a record monthly increase in February.

The ILO jobless rate for three months to February is forecast to increase to 6.7% from 6.5%.

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