EURO PROPPED UP BY COORDINATED CENTRAL BANK MOVE

Quote CNBC News: 'The world's major central banks made it easier Wednesday for banks to get dollars if they need them, a coordinated move to ease the strains on the global financial system. Stock markets rose sharply on the move.

The European Central Bank, U.S. Federal Reserve, the Bank of England and the central banks of Canada, Japan, and Switzerland are all taking part in the operation, which is designed to "enhance their capacity to provide liquidity support to the global financial system."

The ECB said in a statement the central banks were making it cheaper for banks to get U.S. dollar liquidity when they need it, starting next Monday. They are also taking steps to ensure banks can get ready money in any currency if market conditions warrant by establishing a temporary network of reciprocal swap lines.'

This coordinated liquidity enhancing move by central banks propped up the Euro and rallied stock markets, gold and oil. As this action may not have changed the overall sentiment it will be very important to monitor the markets during the coming days to find out how significant the price jumps are for the mid-term price direction.