Obama economic adviser Summers warns against protectionism, saying it is a top-three concern of G20 leaders at their summit. He says it is wrong to suppose that the US is the only country guilty of protectionism (sadly, it is spreading far and wide-jc). This is not going to be a period of significant retrenchment into econoic nationalism, Summers continues. Let’s hope he’s correct.

EUR/USD has taken on an easier, tone now at 1.3235. The waiting game is underway as the ECB outcome in the morning and the final G20 communique are awaited Thursday.