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The British central government and local governments posted a deficit of 15.2 billion in November, a bit less than expected, but five times the deficit seen in October.  

The current coalition government has vowed to bring down the high debt pile that the UK has. GBP/USD is unchanged at around 1.5725.

Also in the UK, MPC Meeting Minutes showed that the recent rate decision was unanimous. The members of the Monetary Policy Committee decided to leave policy unchanged. This includes no change to the current phase of the Asset Purchase Facility, or quantitative easing program.

The expansion of 75 billion pounds was announced in October and is set to complete around the end of January.

GBP/USD enjoyed the optimism coming from Europe, towards the LTRO operation that is supposed to provide European banks with all the possible oxygen.

For more on the pound, see the GBP/USD forecast.

Volume is winding down quite rapidly and the markets will come to standstill during the holiday season.

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