Central banks act to ease global credit – Euro rates fall, US Dollar cheaper

The world’s main central banks, in the UK, USA, Canada, Japan, and Europe, have made mutual agreements to provide credit to each other, in a move designed to ease strains in world markets.

The troubled Euro gained dramatically in value this afternoon, with rates for sending Euro payments falling nearly a cent in a few minutes. Conversely, the US Dollar (which is seen as helping out the Euro in the deal), weakened by 2c, improving rates for sending US Dollars.

Elsewhere Eurozone leaders have stated that the single currency is in for a crucial 10 days, with finance ministers meeting today and the EU Summit next week.

In earlier news, German unemployment has fallen to 6.9%, but Eurozone unemployment is up to 10.3%, further illustrating the disparity of European economies.