(RTTNews) - At 7:00 am ET Thursday, the Bank of England is scheduled to announce its interest rate decision. At the end of its two-day rate setting meeting, the Monetary Policy Committee of BoE is set to hold the official Bank Rate paid on commercial bank reserves at 0.5%. This has been the lowest rate since the central bank was established in 1694.
The BoE is also expected to announce that it would continue its GBP 175 billion asset purchase scheme.
Ahead of the announcement, the pound strengthened against its major counterparts. At 6:55 am ET, the pound traded at 1.6060 against the dollar, 0.9198 per euro, 142.10 against the yen and 1.6490 francs.
