Published by Mark-Smith HalvorsenBritain's pound has shaken off declines against the dollar and the euro ahead of the latest trade balance figures.The Office for National Statistics is due to release the data later today (March 9th); a survey conducted by Bloomberg ahead of the official figures shows that the trade gap is expected to reduce to £8.5 billion.Last month's release, showing the trade gap in December, recorded a gap of £9.2 billion.Other factors are also supporting sterling against its main counterparts on the foreign exchange market.The Bank of England's Monetary Policy Committee begins its interest rate meeting today, with the decision set to be announced at midday tomorrow.While the rate is predicted to remain the same this month, there is growing belief that a rise will come in the near future, which is helping to support the currency.Last month, three MPC members voted for a rate rise, although others have voiced concerns that an increase would negatively affect the recovery.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site