Fantastic Five

European shares were given a huge boost following gains seen in Asia. Yesterday’s news that five central banks worldwide are set to provide commercial banks with three additional batches of loans have eased investor nerves. The aim of the move is to help ease funding pressures. So, the question you will all be asking is how does this directly affect foreign exchange? The bottom line is it already has. The euro steadily rose more than 1 percent against the US Dollar and has also made a steady advance versus sterling. The five central banks involved in this movement are the US Federal Reserve, the Bank of England, the European Central Bank, the Bank of Japan and the Swiss National Bank.

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