Euro and Oil Intervention

[Mason Clark <masonc@xxxxxxxxxxxxx>]

From: "Henry C.K. Liu":

>The Central Banks of the US, EU, Japan, intervened on behalf of the euro
>on September 23, 2000,  (snip)

> On the practical side, it was an empty gesture. The CBs bought between
> $3 to 5 billion of euros.  The daily turnover in the global foreign
> exchange market hovers around US$1.6 trillion.   This volume dwarfs the
> combined resources of the G7 CBs in terms of long term market
> influence.

  What about this arithmetic?  A *turnover* of US$1.6 trillion does not
  prove $US1.6 trillion combined resources.  Maybe it's only US$1.6 billion
  turning over a thousand times a day?  What is the correct measure of the
  power of the CB's versus the exchange market?

          Mason