The Office for National Statistics or ONS is slated to release the UK consumer price data at 5.30am ET. Annual inflation is forecast to ease to 2.6% in February from 3% last month. Meanwhile, retail prices are expected to drop 0.7% annually, following a 0.1% rise in January.

Ahead of the release, the pound gained against its major counterparts. At about 5:25 am ET, the pound traded at 1.4716 against the dollar, 0.9250 per euro, 144.42 against the yen and 1.6538 against the franc.

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