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The dollar is mixed in trading against the other major world currencies this morning, as the focus remains on tomorrow's

European Central Bank


Expectations remain solid for a 25 basis point rate cut by the ECB, a long-awaited move to curb the economic slowdown in the euro zone and globally. The euro zone remains the only major economy that has not effectively reduced interest rates this year in an attempt to rejuvenate their own sliding economy. The U.S.

Fed has cut rates by 150 basis points since Jan. 1.

Ahead of tomorrow's meeting, the euro is slipping slightly against the dollar, dropping by a little over half a penny by the early New York morning. The euro was trading most recently for $0.8942, down from yesterday's close of $0.90.

In the wake of last week's string of commentary by Japanese officialdom, dollar/yen has been trading in a rather broad range as analysts keep their eyes open for intervention by the Japanese government. Several in the upper echelons of the Japanese hierarchy said last week that the yen's recent decline occurred too rapidly, implying that its fall needs to be stemmed. The yen is gaining a bit of value against the dollar this morning, as the market remains relatively quiet.

The dollar was trading most recently for 124.45 yen per dollar, down from yesterday's closing price of 124.98 yen.

The euro was also falling relative to the yen today, dropping most recently to 111.29 yen per euro, a steep fall from yesterday's close of 112.45 yen.

In other currency trading, the dollar remains mixed. The British pound is slipping slightly to the dollar, trading most recently for $1.4428, down from $1.4474 at last close.

The dollar is slipping against the other members of the dollar bloc today. The Australian dollar was trading recently at $0.4954, up just marginally from $0.4936. The U.S. currency was trading for C$1.5581, down from yesterday's closing price of C$1.5647.

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