The euro was range bound on Thursday morning ahead of expectations the European Central Bank would cut interest rates by 25 basis points to 1 per cent. The single currency was down 0.2 per cent at $1.3384 as European Union leaders gathered in Brussels for a summit on the future of the eurozone. Expectations that politicians would be able to agree on a plan to alleviate the region’s debt crisis were lower after warnings from a senior German official on Wednesday that many countries had not grasped the seriousness of the situation. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/8f46baf0-2189-11e1-a1d8-00144feabdc0.html#ixzz1fwfA4gAz Sterling was flat against the dollar after strengthening the previous day to $1.5708. The pound rose against the euro, which fell 0.2 per cent to £0.8520. No change in interest rates was expected in an announcement by the Bank of England at 12pm GMT. The Australian dollar fell after figures showed a surprise drop in employment figures in November. The Australian dollar was down 0.2 per cent at $1.0279 against the US dollar. The Reserve Bank of New Zealand held interest rates as expected at 2.5 per cent and lowered its growth forecasts for 2012 and 2013. The New Zealand dollar was flat against the US dollar at $0.7800. The yen strengthened against the euro and the dollar, rising 0.4 per cent to Y7737 against the US dollar and moving up 0.6 per cent to Y103.55 against the single currency.

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