The Bank of England will today announce whether it will raise interest rates, with most experts expecting it to hold off until at least after the summer.
Those expectations were correct, with the BoE's nine-member Monetary Policy Committee voting 7-2 to leave policy unchanged.
The bank had previously raised its key rate in November 2017, which was the first hike in a decade.
The Bank of England will give its rate decision at the conclusion of the two-day Monetary Policy Meeting on Thursday at 12:00.
The economy is projected to grow 1.4% by the second quarter of 2018, down from the 1.8% estimated in February.
For the bloc, investors are now chewing over the European Central Bank's (ECB) latest economic bulletin, although this release mostly reiterated concerns over inflation and global factors whilst remaining optimistic about growth.
GBP/EUR fell from 1.1450 to 1.1380 after the release of the report.
Gross domestic product (GDP) slowed sharply to 0.1%, down from 0.4% in the previous three months, as the impact of the Beast from the East compounded woes in consumer-facing and construction sectors. Output was expected to gain 0.2%.
According to data published by the Office for National Statistics (ONS) the UK's trade deficit swelled from -£1.17bn to -£3.09bn in March.
Markets were not impressed to find that the deficit had grown from -£10.4 billion to -£12.2 billion in March, highlighting the continued vulnerability of the United Kingdom economy. Inflation-linked bonds actually offer a negative yield to maturity - to make returns, investors will need inflation to rise over and above what the market expects. The key to the United Kingdom currency could be the nature of the vote, with another split vote likely to be supportive for the Pound.
That beat expectations for a surplus of 2.899 trillion yen following the 2.076 trillion yen surplus in February.
The EuroPound (EUR/GBP) exchange rate is accelerating this morning as Sterling is undermined by some disappointing economic data ahead of the Bank of England's (BoE) rate decision later today.
For those renewing their mortgage or indeed taking one out on a two-year fixed deal, just a 0.25% jump could see them out of pocket by more than £1,000 more over that period. The pound-greenback pair was worth 1.3545 at Wednesday's close. In that "hawkish hold" scenario, Patel sees the pound climbing toward $1.36.
A rise in U.S. 10 year yields back above the psychological 3.0% level helped support the greenback, while offsetting some of the concerns over Donald Trump's decision to pull out of the Iran nuclear deal on Tuesday evening.
Looking ahead, United States monthly budget statement is scheduled for release in the NY session.