GBP review

Quotes from RBC Capital Markets:

-GBP: We look for 9-0 votes on both Bank Rate and QE after Weale and McCafferty dropped their hawkish dissent last time. The Governor used the February IR to reiterate that the next move in rates is still expected to be upward.

-But references to downside risks on inflation and the option of more QE or a rate cut-at odds with the prior view that 0.5% was a floor on Bank Rate-could hint at a broad divergence of views on the Committee.

-Also, we look for the Agents' survey of pay settlements to be modestly optimistic versus last year's 2.5% average pay settlement. Labour force data (also due this morning) should be somewhat consistent with these tones; consensus looks for another 0.1ppt dip in the claimant count rate to 2.5%. GBPP/USD has been steady near 1.5350-55 overnight.