At 4:30 am ET Wednesday, the Bank of England is expected to release the minutes of its monetary policy meeting and U.K's Office For National Statistics will release its unemployment report for October and claimant count data for November. The ILO unemployment rate is set to decrease to 5.9 percent in three months to October from 6 percent in three months to September. The claimant count for November is expected to have declined by 20,000 following a drop of 20,400 in the previous month.

Ahead of these data, the Pound retreated against its major rivals.

As of 4:25 am ET, the Pound was trading at 0.7933 against the Euro, 1.5133 against the Swiss franc, 1.5717 against the U.S. dollar and 184.20 against the Yen.

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