Also, look for a waterproof anorak. I got one from a department store on sale. They come in lengths short and long. Mine works really well, it doesn't have a hood, but I have a rain hat, and I just need to put the vollar in the right place. It is a little hot though, but here rainy days tend to be pretty warm when you are exerting yourself. Waterproof stuff isnt all that cooling, that's for sure.
These work well on a bike! The usually have a bungee to adjust fit up or down and look great on the street.