The euro slipped back in early trade today, despite increased hopes of a rate cut by the European Central Bank next week Ernst Welteke, president of the Bundesbank, said the inflation situation has improved since the ECB's last monetary policy meeting and members will consider a rate cut on 5 December. There was also some good new on the jobs front, with unemployment in France falling in October, the second decline this year.
However, in Germany, wholesalers reported a decline in business in October, with sales down 3.8pc from the previous month to leave them down 4.0pc on a year-on-year basis Having touched 99.50c overnight during quiet Thanksgiving trade, the euro is weaker again this morning, down under 99.30c. However, it remains above 64p against sterling, with the pound still under pressure following Gordon Brown's announcement of the coming year's borrowing requirement. Sterling is trading at USD1.5475 on the dollar, having dropped by almost 2.5pc in the past week//www.fxcentre.com