The European Central Bank (ECB) meets in Frankfurt today and markets are expecting action to come out of it that will drive down borrowing costs for Spain and possibly other Eurozone members, which will naturally support the Euro also.

There are a number of weapons in the ECB arsenal, including a form of bond buying that will lower rates, not just in Spain, but this time the market is hungry for action and a statement of promises only after this meeting would be very negative for global equity markets and the Euro.

There is also speculation that the Bank of England will reduce rates from from 0.5% to 0.25% today, so there is a distinct possibility that concerted action has been agreed and if so details will be released later today.