Well that's what the internet is suggesting, anyway. According to a handful of reports from various gaming sites, Europe is set to cut close to 50 Euros off the price of Xbox 360 as part of the Easter sales period. While Microsoft Europe have refused to comment, it's interesting if true as cuts like this do tend to make their way to this PAL territory as well. We contacted a spokesperson for Microsoft Oz but got the usual "Microsoft does not comment on rumour or speculation" response.
It would make sense for them to do this though, not only to maintain momentum, but with the recent death of HD DVD, it's likely the PS3's sales will begin to climb, and the Easter holiday period is as good a time as any for this increase in sales to begin. It is, however, important we maintain this is just rumour at the moment, but if the status of this changes, you'll be the first to know... after us... who would have heard it from someone else. So, I guess you'll be, like, 10th to know or something. Anyway, we'll let you know.