The world's central banks have gone on a stimulus spree, slashing interest rates and outlining plans to inject more money into moribund economies.

The European Central Bank cut its policy rates by a quarter percentage point, the Bank of England outlined plans to expand its quantitative easing program by £50 billion while China's central bank cut its rates by between a quarter percentage point and 31 basis points.

China also reduced the floor for its lending rates in another measure aimed at aiding the economy.

The Danish central bank cut all of its policy rates by a quarter percentage point including its deposit rates.

That took its deposit rate to minus 0.2 percent, with ANZ analysts believing it is the first time a central bank has offered a negative interest rate for its deposit holdings.

The action all occurred as figures out of the US showed better than expected jobs data.

Private employment rose by 176,000 in June, well above market expectations of a more modest 100,000.

Initial jobless claims fell by 14,000 to 374,000. Market analysts had been expecting initial jobless claims to fall marginally to 385,000.

Despite all the efforts, Australian equity markets and those across Asia are tipped to open down or even with yesterday's close.

ANZ said markets appeared worried about what the policy changes meant about the pace of global growth.

"We remain more positive that a base in global growth momentum will be formed around Q4, helped somewhat by the additional policy easing," the ANZ reported.

However, the moves have helped the Australian dollar which has climbed to a new high against the euro.

FxPro senior economist Simon Smith said the move by the European Central Bank to cut its deposit rates to zero was partially aimed giving an incentive to commercial banks to lend cash to businesses or each other.

"Hopefully there is no-one that thinks today's move will solve Europe's many problems, but it goes some way towards giving the banking system a small kick in the right direction and a marginal boost to economic confidence," he said.

"What will matter in the coming days is how deposits at the ECB react (beyond the end of the reserve period on Tuesday next week), together with market rates, because it's here that the first indications will be as to whether the new policy is working in the monetary engine room."

There are no major economic figures due for release in Australia today.

The West Australian

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