At 3.00 am ET Wednesday, the Office for National Statistics releases UK consumer and producer prices for February. Inflation is forecast to rise marginally to 0.8 percent from 0.7 percent in January.

Ahead of the data, the pound held steady against its major counterparts.

The pound was worth 1.3717 against the greenback, 148.89 against the yen, 1.2818 against the franc and 0.8634 against the euro at 2:55 am ET.