A strong performance from equities

A strong performance from equities, helped by the SNB's aggressive QE steps taken Thursday, lifted risk appetite overnight. The DJIA closed up 3.5% and the Nikkei followed with a 5.2% gain, the former also helped by Citigroup saying it didn't need a further capital injection, the latter on talk of another Japanese stimulus package in the wings. EUR/USD printed a 3-week high 1.2946, EUR/JPY a 2-month high of 126..69. The CHF had a quiet night after the SNB's intervention spat Thursday resulted in a near 5% drop in its value against the USD and euro. For Friday, stocks are once again in the driving seat, with European markets positive, but keep an eye on the CHF for further SNB action.