Uk Manufacturing Output has come in down 0.2% in July and fell 1.4 % y/y, while on the Industrial Output side it fell 0.4% m/m and 1.9 % y/y. This is all just a tad weaker than expectations and Cable is slightly weaker as a result, hitting 1.7530. The overnight BRC retail survey and yesterday’s weak PPI data is certainly raising expecations for a near term rate cut, but the CPI data will be the key.