Bank of England's monetary policy meet is scheduled for Thursday, 17th March, a day after the new budget is delivered, and is expected to vote unanimously in favour of leaving rates unchanged. The meeting is likely to be a non-event meeting and should have relatively little impact on the pound.

The BoE will take a cautious line ahead of a defining vote on European Union membership. Markets will probably look for hints on whether or when the BoE will stop talking about hiking rates and start talking instead about cutting rates. That said, hard data hasn't deteriorated enough for members to vote for a cut.

Recent oil and commodities moves may be a relief to the MPC but inflationary pressures elsewhere are lacking (wage growth still facing structural issues). Against the backdrop of a broad-based slowdown and additional uncertainty surrounding the EU referendum, this won't be enough for McCafferty to reverse his vote.

"We’ll look for the MPC’s assessment of the causes of the recent weak survey data – in particular to see if they express any fears over the impact of the Brexit vote on growth," said TD Securities in a research note.