FRANKFURT, Germany (AP) - The euro and British pound both gained on the dollar Wednesday after six central banks around the world, including the European Central Bank and the Bank of England, announced coordinated interest rate cuts Wednesday. The 15-nation euro rose to US$1.3691 from the US$1.3550 it bought Wednesday morning and the US$1.3645 a euro bought late Tuesday in New York. The British pound bought US$1.7530, up from the US$1.7465 Wednesday morning and the US$1.7510 late Tuesday in New York. In a surprise coordinated announcement released at 1100GMT, the European Central Bank said it would cut its benchmark rate by half a point to 3.75 percent on Wednesday. In London, the Bank of England lowered its rate to 4.5 percent from 5 percent. The cuts were part of a globally organized effort that also included the Swiss National Bank, the Bank of Canada and the U.S. Federal Reserve. «Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets,» the European Central Bank said in a statement. «Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices,» it added. «The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability. In Stockholm, Nordea analyst Annika Winsth said the decision was not unexpected and was «totally right and proper. «It is an important signal to the market that the central banks are prepared to come together to do what they can to ease the situation,» she said. In other trading the dollar was up against the Japanese yen, buying 100.73, compared with 100.28 yen Wednesday morning but down from the 101.71 yen a dollar bought late Tuesday in New York.

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