The euro-dollar ended the day on a soft note, as traderslook beyond the Federal Reserve's rate cut, eyeing aEuropean Central Bank (ECB) woefully behind the interestrate curve. The euro-dollar closed the session near$0.8850, after reaching highs near $0.8900 on a shortcovering scramble after the Federal Reserve Bankastounded market participants with a 50 bp rate cut in bothfed funds and the discount rate. "If the euro-dollar can'teven break $0.8900 on a Fed cut of 50 basis points, whatwill?" asked one New York trader. Dollar-yen was tradingat Y122.25 at the close, but still above the days lows justabove Y122.00.