Cable lost about a full cent overnight in Asia, presently down at 1.6405. As well as having to contend with generally heightened risk aversion, the pairing has also been weighed down by the news that the Government is to cut its growth forecast for 2009.
Chancellor Darling is set to use the pre-Budget report next month to slash his forecast for this year to the lowest level in post war history.
No economic data releases today. Eyes will be on European stockmarkets to see how they fare after yesterdays sharp losses.
