The euro dipped against the dollar today on the European Central Bank's decision to hold interest rates steady.
At 12.44 p.m. in London, the euro was trading at $0.9275.
Dealers said the market had clearly taken too much notice of rumours the ECB might follow the US Federal Reserve, the Bank of England and the Bank of Japan in easing rates.
"There was some speculation built up in the market that perhaps it might surprise with a rate cut today," Standard & Poor's MMS senior currency strategist Mr Will Rugg said.
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"I think some hope had built up, and with hindsight that was clearly overblown, so there might have been a bit of 'buy on the rumour and sell when the rumour did not come true' type of reaction," he said.