At 7:00 am ET Thursday, the Bank of England is set to announce its rate decision. The bank is expected to hold its key rate at 0.50 percent and quantitative easing at GBP 375 billion.

Ahead of the announcement, the pound advanced against its major rivals.

The pound was trading at 1.5349 against the greenback, 183.88 against the yen, 0.7358 against the euro and 1.4849 against the franc as of 6:55 am ET.

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