The US Federal Reserve is expected to make a further cut in American interest rates today, in an effort to boost a recovery in the economy there. Market speculation centres on whether Fed chairman Alan Greenspan will seek backing for a 0.25pc or a 0.5pc cut. With the central bank's main regulatory rate already at a 42 year low of 1.25pc, there are fears that a 0.5pc cut might hit the dollar, which has recently begun to regain ground against the euro. On the other hand, some analysts argue that a 0.25pc cut would not deliver the degree of stimulus needed to get the US economy back to steady growth. //www.fxcentre.com