Not too much going on in late morning trade. EUR/USD has steadied after the earlier sell-off, presently at 1.2695, while cable at 1.4810 is marginally easier on the day, the earlier rally having run out of steam rather abruptly. USD/JPY at 97.00 is effectively unchanged. The proximity of the weekend G20 meeting in Washington is no doubt prompting some caution, given the uncertainty surrounding the outcome of the deliberations. Given the importance of the moment, personally I wouldn’t be shocked to see some upside surprises come out of the talks. But then again I’m a born optimist. Elsewhere U.S. stock futures are trading lower after yesterdays explosive rally, with Dow industrial futures off some 100 points.