After a very active hour or so after the SNB, markets have no settled down and dealers are looking for the next catalyst. The 16:00 GMT fixing was a big market mover yesterday and there were rumors earlier that JPY would be in demand at the fixing.
Stocks may take the reins this afternoon with on-going hopes that mark-to-market accounting rule changes will be made which will ease the pressure on the banks.
Another positive for equities is news that General Motors will not need an additional $2 bln in government funds they were expected to need this month.
EUR/USD is firmer; now at 1.2800. Offers remain in the 1.2850 region and on up to 1.2900.
