London, April 11 (Bloomberg) -- The euro rose from a one-week lowagainst the dollar amid expectations the European Central Bank will cutits benchmark interest rate today to stimulate growth in the euroregion's economy. The central bank will probably lower its key refinancing rate from 4.75percent at a meeting today, according to 23 of the 33 economists andinvestors polled by Bloomberg News. The decision is expected at 12:45p.m. London time. ``The market view is that the ECB is behind the curve,'' said MichaelKlawitter, a market strategist at WestLB. ``If it doesn't cut rates a selloff towards 87 (U.S. cents) is almost inevitable. A 25 basis-point cutwouldn't lift it much above 89.'' He is forecasting a quarter point cuttoday, with further rate reductions to come from the ECB and FederalReserve in the next few months. The euro rose to 89.09 U.S. cents, from 88.76 yesterday. Earlier itmatched a one-week low of 88.70. Against the yen, it was little changedat 110.35 yen per euro, compared with 110.35. The Japanese currencygained to 123.89 per dollar, from 124.35 yesterday, after Japan's Nikkei225 stock average rallied as much as 4.4 percent. The ECB is the only major central bank that hasn't cut interest ratesthis year in the face of a global slowdown, saying it needs moreevidence inflation is waning. While lower interest rates reduce returnson short-term deposits, they are likely to bolster the currency byencouraging economic growth and attracting investors to euro regionfinancial assets. ``The markets are rewarding growth,'' said Julian Jessop, an economistat Standard Chartered Bank. ``Countries cutting rates have see theircurrencies performing better.'' The ECB will cut by 50 basis pointstoday, he said, although failure to act will drive the euro ``down quicklyto 88.20.'' The euro fell against the dollar when the ECB left interest ratesunchanged at its previous policy meeting in March.