The latest CBI quarterly industrial trends survey makes for gloomy reading. It shows declining demand for manufacturing goods together with a sharp fall in output. As a result manufacturing confidence has seen its sharpest single quarter fall in 28 years. 4% of those surveyed were more optimistic about business than 3 months ago, while 64% were less so, giving a -60 balance the fastest fall in confidence since 1980. Firms perceptions of their total order book levels deteriorated over the quarter with a balance of -39% reporting levels below normal, the lowest since October 2003. Cable is looking vulnerable again, back down at 1.7035 presently.