LONDON (Reuters) -The British pound was steady on Thursday after a report said that U.S. President Donald Trump was set to announce a trade deal between the U.S. and Britain, with the market's focus turning to an expected rate cut from the Bank of England later in the day.

The pound rose against the dollar on Thursday afternoon, up 0.3% to trade at $1.3337, at the time of writing. This came after the Bank of England (BoE) announced an interest rate cut of 25 basis points (bps),

The Bank of England cut its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.