The pound gave up some of its yesterday's gains ahead of Bank of England meeting scheduled for today. The central bank will announce its interest rate decision, publish minutes and inflation letter. The BOE is expected to keep its benchmark rate unchanged at 0.5%. Quarterly inflation and economic growth forecasts will show whether policymakers still intend to raise rates in 2016. The central bank may be more cautious considering slower growth in advanced economies, low commodity prices and weaker wage growth in the U.K.

Market participants are also waiting for data on U.S. labor market (nonfarm productivity, initial jobless claims). These reports may help forecast payrolls data due on Friday. A median forecast suggests that the U.S. economy generated 280,000 jobs in January.

EUR/USD: the pair fluctuated within $1.1075-15 in Asian trade

USD/JPY: the pair traded within Y117.65-25

GBP/USD: the pair fell to $1.4565

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

07:15 U.S. FOMC Member Rosengren Speaks

08:00 Eurozone ECB President Mario Draghi Speaks

08:30 United Kingdom Halifax house price index January 1.7% 0.3%

08:30 United Kingdom Halifax house price index 3m Y/Y January 9.5%

09:00 Eurozone ECB Economic Bulletin

12:00 United Kingdom BoE Interest Rate Decision 0.5% 0.5%

12:00 United Kingdom Bank of England Minutes

12:00 United Kingdom Asset Purchase Facility 375 375

12:00 United Kingdom BOE Inflation Letter

12:45 United Kingdom BOE Gov Mark Carney Speaks

13:30 U.S. Continuing Jobless Claims January 2268 2240

13:30 U.S. Unit Labor Costs, q/q (Preliminary) Quarter IV 1.8% 3.9%

13:30 U.S. Nonfarm Productivity, q/q (Preliminary) Quarter IV 2.2% -1.8%

13:30 U.S. Initial Jobless Claims January 278 280

15:00 U.S. Factory Orders December -0.2% -2.8%

22:30 Australia AiG Performance of Construction Index January 46.8 46.8