Dutch International: If Bank of England Governor Bailey suggests a rate cut in March, the pound may decline.

Chris Turner of ING Group said in a report that if Bank of England Governor Bailey raises expectations of further interest rate cuts as early as March in his later testimony, the pound may fall. Bailey is scheduled to speak to the Treasury Select Committee at 1415 Greenwich Mean Time. Turner said Bailey is most likely to shift the voting result towards a rate cut in March. "Comments about him seeing enough reasons to support a rate cut in March could solidify the market's pricing, and even fuel speculation that the Bank of England's loosening this year will exceed 50 basis points." The euro rose 0.1% against the pound to 0.8739 pounds, and ING Group expects the exchange rate to reach 0.88 pounds.