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To: Little Joe who wrote (1204)	1/23/2004 5:34:14 PM
From: Rocket Red	Read Replies (1) \| Respond to of 29622

Euro Has Biggest Drop in a Week on Report ECB May Lower Rate Jan. 23 (Bloomberg) -- The euro had its biggest drop against the dollar in a week in New York after Reuters reported the European Central Bank may lower its benchmark interest rate in response to the euro's yearlong rally. European ministers attending next month's Group of Seven meeting in Florida will say ECB monetary policy ``could become more expansive if there are external shocks,'' such as from currency movements, Reuters reported, citing a ``European diplomatic source'' it didn't name. The report ``suggests that ECB officials are beginning to hint that there will be a shift in policy,'' said Gregory Salvaggio, vice president for currency trading at Tempus Consulting in Washington. ``The dollar could rally 10 percent if something of the sort indeed comes out of the meeting.''