The euro was down slightly against the U.S. dollar Thursday as traders waited to see if the U.S. Federal Reserve would raise its key interest rate. In morning trading in Europe, the 12-country euro bought $1.2070, down slightly from $1.2072 in New York late Wednesday. The dollar remained strong against the Japanese currency, trading at 110.37 yen, but was slightly down from 110.39 yen late Wednesday. The dollar has not seen levels like that against the yen since October, as traders continue to worry about the impact of high oil prices on Japan's economy and the release Friday of the quarterly "tankan survey" on business attitudes. The British pound fell to $1.8037 from $1.8046. The European Central Bank, which has held interest rates at 2 percent for two years, meets next week to decide whether to keep doing so. German Economics and Labor Minister Wolfgang Clement called Wednesday for the ECB to cut its key rate to boost the euro-zone's economy. Though the euro has fallen from an all-time high of $1.3667 at the end of December, it is still supported by continuing worries about the U.S. trade and budget deficits.