Euro rises against dollar on central banks action

The euro rose against the dollar Wednesday after major central banks around the world took action to ease strains on the global financial system.The move by the U.S. Federal Reserve, European Central Bank, Bank of England and the central banks of Canada, Japan and Switzerland makes it easier for European banks to borrow dollars. Its meant to help spur economic activity and ease pressures on financial markets as Europes debt crisis continues to worry investors.It suggests that central banks are willing to take bold coordinated action to try and stem the Eurozone debt crisis giving markets certainty that the immediate problems caused by the sovereign debt crisis can be dealt with, said FOREX.com research director Kathleen Brooks in a note to clients.The euro rose to $1.3435 in late trading Wednesday from $1.3331 late Tuesday.Markets around the world higher were higher Wednesday. The Dow Jones industrial average rose about 4 percent.The dollar was mostly lower against other currencies. The British pound rose to $1.5701 from $1.5607. The dollar fell to 77.56 Japanese yen from 77.93 Japanese yen, to 0.9129 Swiss franc from 0.9203 and to 1.0199 Canadian dollar from 1.0301 Canadian dollar.