Microsoft resists Xbox price cut

The latest version of the Xbox - the Elite which features a 120GB hard drive - is due in Europe from the 24 August.

Meanwhile, Sony cut the price of the Playstation 3 in the US this week by $100 in an effort to reverse a slump in sales.

At $500 the PS3 is now just $20 less than the xBox Elite. Although the Microsoft machine has twice as much storage, it has no built-in high-definition DVD player.

But Shane Kim, head of Microsoft Games Studio, insisted his company would not be responding in kind.

"We have no desire, no need, to react to anything the competition has done," Kim said, speaking at a press conference at the E3 games show in Santa Monica, California.

"We feel really great about the Xbox 360 momentum right now. Customers are voting with their wallets, it's not just about console units. We feel great about how we're doing."

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