The Bank of England's monetary policy announcement is due at 7:00 am ET Thursday. The Monetary Policy Committee is widely expected to hold the key rate at a record low of 0.10 percent and the quantitative easing programme at GBP 875 billion.

Ahead of the decision, the pound dropped against its major counterparts.

The pound was worth 1.3900 against the greenback, 151.67 against the yen, 1.2632 against the franc and 0.8663 against the euro at 6:55 am ET.