U.K.'s February PMI dives to 47.9, missing expectations (51) by a mile. New Orders came in at 46.6. Backlogs of work - "the rate of reduction was marked ... The return to contraction of the manufacturing sector is a big surprise and represents a major setback," says Markit. The pound (FXB) goes whoosh, now -0.9% and buying $1.5033.