The Bank of England is set to announce the outcome of the two-day rate setting meeting at 7.00 am ET Thursday. The bank is widely expected to hold its key bank rate at 0.50 percent and quantitative easing at GBP 375 billion.

The pound traded mixed against its major rivals ahead of the announcement. While the pound advanced against the yen and the franc, it held steady against the greenback and against the euro.

The pound was worth 0.7245 against the euro, 1.4771 against the franc, 183.23 against the yen and 1.5246 against the greenback at 6:55 am ET.

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