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Wednesday - Media reported that Microsoft cuts the price of the Xbox 360 to follow Sony's move last month of reducing the price of its core console PlayStation.

On Tuesday Microsoft has announced that it would cut $50 from the price of the most popular model of the console, to $349. Two other configurations of the Xbox 360 will be cut by $20 and $30.

U.S. retailers nationwide - The Xbox's price cut started Wednesday , in anticipation for the NFL franchise (EA's craved sequel), Madden NFL 08. The game will debut on 14th of August and is expected to boost sales for the Xbox 360, because of the immense popularity that Madden NFL enjoys in the U.S. Madden NFL 08 has also been chosen as the best sports game at this year's E3, receiving the Game Critics Award.

The decision to cut the price of this game console reflects slowing momentum for a product that plays a key role in the company’s broader consumer strategy, according to analysts.

The Xbox leads a three-way competition with Sony's more expensive PlayStation 3 and Nintendo cheaper their game console (Nintendo Wii).

"The new prices, combined with upcoming releases, are likely to boost sales" Observers said.