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* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv
By Joice Alves
LONDON, Feb 3 (Reuters) - Sterling clung to gains against
the euro on Wednesday but edged lower against the dollar on a
quiet day as investors waited for Thursday's Bank of England
meeting.
The pound has gained broadly in the past few weeks amid
optimism over Britain's successful COVID-19 inoculation
programme, with analysts pinning their hopes on a faster
economic recovery than in the European Union, where vaccine
rollout is lagging.
Market participants are focusing on the Bank of England's
meeting on Thursday at which the central bank is set to publish
the findings of a consultation on what negative rates would mean
for banks' operations.
"I can see a fairly quiet day for sterling being on the
cards given the magnitude of tomorrow's Bank of England
meeting," said Simon Harvey, senior FX market analyst at Monex
Europe in London.
Britain's third national coronavirus lockdown has put the
economy on course for a sharp contraction in early 2021, but
services companies - buoyed by progress on vaccinations - are
confident about recovery, the final version of the IHS
Markit/CIPS UK Composite Purchasing Managers' Index (PMI)
showed.
With improved sentiment, most economists polled by Reuters
said there is little chance the Bank of England will move to cut
rates below zero this year.
In early London trading, sterling gained 0.1% versus the
euro at 88.03 pence, not far from a eight-month high reached in
the previous session against the single currency.
It was down 0.1% at $1.3650 versus a stronger dollar, after
touching a one-week low against the greenback on Tuesday.
Health Secretary Matt Hancock said much of the attention
need to be directed to any mutations of coronavirus that have
been detected in recent days.
The COVID-19 vaccine developed by Oxford University and
AstraZeneca gives good immune responses in older people,
even if there is a lack of data about its exact efficacy,
Oxford's vaccine trial chief Andrew Pollard said on Wednesday.
(Editing by Angus MacSwan)
