FX round-up: Dollar slightly down

LONDON (ShareCast) - Dollar was slightly lower against the euro after the ECB kept rates on hold.

European Central Bank President Jean-Claude Trichet kept rates at 4% and said inflation remains a concern, which suggested that rate cuts may not be expected anytime soon

The dollar was also aided by weekly dole claimants, which fell by 18,000 last week to 365,000

Sterling lost a lot of its earlier gains after the BOE decided against back to back interest rate cuts, leaving borrowing costs at 5%, prompting analysts to speculate that a drop must come in June.

The announcement was expected to be a close call following data in recent weeks that got many wondering whether there might be a fourth cut in six months in May.