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UPDATE: Oil, Gold Futures Jump on Global Central Bank Liquidity Move, China Bank Reserve News

Oil, gold and most commodities are sharply higher, moving in step with strong equity trading this morning as global markets react to two central bank actions meant to help the global financial system and economy.

Commodities got a big boost after major central banks announced a coordinated action to make it cheaper and easier for banks to access dollars through regular swap transactions. A report showing stronger-than-expected U.S. private-sector job growth fueled the morning rally.

Oil was already headed higher after reports said China eased its bank reserve requirement. The move could help support demand for resources from the emerging economic giant.

At last check, January crude futures are up 1.6% or $1.63 at $101.44 a barrel in electronic trading. February gold futures are near $1,745 an ounce, up $26 or 1.5%.

US Oil Fund ( USO ) is up 1.4% at 39.09 after a 1.9% gain Tuesday. SPDR Gold Trust is up 1.5% at 169.40 in recent trading.

The banking news lifted the euro against the dollar. The euro changed hands at $1.3437 in recent action, up 0.9% from Tuesday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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