Italian November PMI came in at 39.5, demonstrably worse than the median forecast of 43.4 and another all-time low. EUR/USD has slipped further to 1.2650. Meanwhile cable has slumped around 1 1/4 cents to 1.4775 at writing. Obviously the market is running a little scared of the 9:30 GMT release of UK November PMI which is expected to show a 41.2 read. Also there has been a lot of talk over the past couple of days that the Bank of England could grab the bull by the horns and slash rates by a hefty 150 bps tomorrow. This will hardly be helping matters. The next level of interest on the downside, from a purely technical perspective, is 1.4750.