The overnight session in Asia was pretty uneventful and the levels greeting us this morning are not far removed from where we closed out Tuesday in North America. Australian Q-3 GDP came out showing a 0.1% quarter on quarter rise, which was below the median forecast of 0.2%, while the 1.9% year on year rise was exactly as expected. Also out overnight was the latest U.K. Nationwide consumer confidence survey for November, which showed a 50 read, worse than the median forecast of 54, and the lowest reading since the survey began back in May 2004. Octobers 55 read was revised marginally higher to 56. Expectations are high that the Bank of England will take an aggressive stance given the parlous state of the U.K. economy and slash rates at least 100bps tomorrow. Cable is presently around 1.4900 and EUR/USD around 1.2700.