Published by Jamie JemmesonForeign exchange markets may be impacted by the European Central Bank (ECB) meeting today (October 6th), which is set to discuss the issues of interest rates.The euro last traded at $1.331, reports Reuters, higher than the lowest level in nine months of $1.3145 hit earlier this week but lower than the recent best of $1.4550 seen in August.Currently rates are at 1.5 per cent, although ongoing concerns about the possibility of a default occurring in Greece and a weaker eurozone in general have led some to suggest that it should be lowered.A survey conducted by the newswire last week indicated that 13 out of 75 economists anticipate a 25 basis-point cut and seven saw it being slashed by 50 basis-points.However, the majority - 56 of the participants - expected the rate to be held in this instance.Commenting on the situation, chief dealer at Chuo Mitsui Trust and Banking Katsunori Kitakura said: "Inflation fears may not allow the ECB to cut rates, but we're bound to see some form of support for Europe's banking system - and that should help the euro rise."Whatever the ECB decision the outlook for the multi-nation currency may be bleak, if suggestions from Bank of Tokyo-Mitsubishi UFJ senior analyst Minori Uchida are anything to go by."The crisis is far from over and I'm still negative on the euro looking beyond the ECB," he said, noting that a tumble to less than $1.30 may occur in forex trading in the next few days.Earlier this week, senior vice president of capital markets in Washington at the currency-trading firm Tempus Consulting, Greg Salvaggio, told Bloomberg that foreign exchange markets have already started accounting for the potential rate cut.Analysts may also be considering the impact Moody's Investors Service's decision to downgrade Italy's credit rating will have on currency exchange.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site