Cable has given up ground in early European trade, losing around 3/4 of a cent, presently down around 1.7110. Sterling is being underminned by the ongoing deleveraging/USD repatriation and also by its parlous economic fundamentals. Bank of England Governor Mervyn King is to address members of the Confederation of British Industry and the Institute of Directors in Leeds tonight and will no doubt be trying to reassure them as the economy hurtles down the drain at warp factor nine. The market will be listening for any hints as to the likely timing of further interest rate cuts, which must surely come and soon. One U.K. economic data release of note today; CBI Quarterly Industrial Trends scheduled for 10:00 GMT.