The Bank of England is scheduled to announce its interest rate decision at 7:00 am ET. Analysts expect the central bank to hold its key interest rate at a record low of 0.5%.

Ahead of the announcement, the pound showed strength against its major counterparts. At about 6:55 am ET, the pound traded at 1.4680 against the dollar, 0.9047 per euro, 147.04 versus the yen and 1.6862 against the franc.

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