14:00: Post-BoE quarterly Inflation Report analysis from RBS

 RBS analyst Ross Walker says the possibility of further GBP-negative quantitative easing being initiated has faded:

 "Our key take-away from this Report is that an extension of QE gilt purchases this year has diminished further. Our central forecast for some time has been for no near-term QE extension.

 "More recently the dovish momentum within the Committee appears to have stalled though we expect the Committee to retain a dovish bias for some time."

 9:00: UK claimant data due

"Due at the bottom of the hour: UK labour market data. Watch for a pick up in the claimant count rate market expects 3K" say Forex.Com.

 8:00: What to expect from the Bank of England

Lloyds Bank tell us they are rather sceptical about the pound's ability to make any concerted moves higher on the back of today's event calendar.

In a morning note to clients Lloyds say:

"We expect the UK claimant count to fall by more than the market generally expects today, and this should provide some initial support for GBP ahead of the Quarterly Inflation Report, which should be the day’s main focus for the pound.

We would expect a weaker inflation profile and little change to the growth profile in the report, and on the surface this suggests sterling may sell off in response.

However, the recent UK data has been more encouraging, and this may well come across in the press conference, which is King’s last. There is consequently plenty of potential for GBP volatility, but we would be inclined to see a dip into the low 1.51s in GBP/USD on the initial response to the report as a buying opportunity."