Macro trend story in the Financial Times:

Speculation that the euro’s seven-year bull run was coming to an end
intensified on Thursday as the single currency fell to five-week lows
against the dollar and the pound.

Many economists are reaching
the view that eurozone growth has slowed to the point where the
European Central Bank will have to cut interest rates or risk stunting
economic growth.

Micro news of the day from the Associated Press:

The Federal Reserve announced Friday that it will expand a series of
efforts to deal with the global credit crisis, in coordination with
European central banks.

The Fed said it was boosting the amount of
emergency reserves it supplies to U.S. banks to $150 billion in May,
from the $100 billion it supplied in April. The Fed took this action
and several other moves to boost credit in coordination with the
European Central Bank and the Swiss National Bank.

Coincidence?  Or is this the next halting step of "coordinated action"?

The Daily Reckoning