Rumours have it that the Xbox 360 in the States is going to be getting a widely anticipated price cut on 8th August.

This moves is an effort to "regain momentum" in the gaming market following Sony's price-cut fueled sales boom, Nintedo's ever improving Wii figures and the 360's recent bad press after the "red ring of death" technical problems.

"Sources" have said that Microsoft will cut the price of the Xbox 360 by $50, but it's unclear is this will be all models or just the $299 Core model.

This timing is plausible - it will coincide with the launch of some new top titles for the console, such as "Madden NFL 08", and also reach consumers before the Leipzig Games Convention "fireworks" that Sony has promised for the PS3 later in the month.

In a PR-tastic response, a Microsoft spokesperson said: "We have no announcements to make on pricing at this time. While price matters, content is king".

Other recent rumours concerning Xbox 360 pricing pegged the apres-cut price to be cut as low as $199, the "magic" price in gaming console history.