At 5:30 am ET Thursday, the Office for National Statistics is set to issue UK's February retail sales data. Retail sales are expected to increase 2.5% year-on-year in February compared to a 3.6% rise in January. Month-on-month, retail sales are predicted to drop 0.4%.

Ahead of the release, the pound gained slightly against its major counterparts. At about 5:25 am ET, the pound traded at 1.4595 against the dollar, 0.9295 per euro, 1.6395 francs and 143.25 against the yen.

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