European governments take action to support the banking sector

News and views The US (partial) holiday helped produce less frenetic trade in London/NY, particularly with so much of the news flow on government support for the financial system being deliberately announced before the European open. USD surrendered some of its recent gains as safe haven demand waned. The DJ EuroStoxx 50 closed up 11% and in afternoon “holiday” trade, the DJIA had risen 500pts (6%). NZD/USD recovered from its early London sell-off to spend much of its time range-trading

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