U.K. PPI data has come in lower than expected. October n.s.a PPI input prices fell by 5.6% mom, over double the expected -2.5%, bringing the year on year rate down to 13.8% compared to the median forecast of 18%. October n.s.a output prices fell 1.0% mom, double the expected -0.5%, bringing the year on year rate down to 6.8% compared to a median forecast of 7.4%. The numbers will underpin the conviction that inflationary pressures are on the wane and that further U.K. rate cuts are in the pipeline. Cable has eased back to 1.5745 having been up around 1.5770 prior to the release.