The Pound declined against the Euro while making gains against the Dollar yesterday after revisions to third quarter UK gross domestic product came in very close to expectations. The revised data showed that the British economy shrank by 0.3 percent in the third quarter compared with the initial estimate of 0.4 percent.

The Dollar declined against the Pound and the Euro despite the release of positive data out of the U.S. Initial jobless claims fell below 500,000 coming in at 466,000, while personal consumption rose to 0.7 percent.

Also to note, the Federal Reserve released its minutes from its latest policy meeting stating that policymakers saw the U.S. currency’s recent decline as “orderly.” The minutes also stated that U.S. interest rates will stay close to zero for most of 2010. The news spurred investors to seek higher yielding investments overseas.

The Euro made gains against the Pound and the Dollar amid speculation that the European Central Bank will add an adjustable interest rate to December’s 12-month loans. This would suggest that the ECB is trying to normalize its monetary policy.

Data released 25^th November

US      Market Holiday – Thanksgiving Day

UK      11.00 CBI Distributive Trades Survey (November)