I don't see why MS should drop the price. That's throwing away money. In my opinion it's already too cheap. Imagine the increase of revenue if the console sold for 5 bucks more. Would it really make a difference in hardware sales as it is now? I doubt it, but it can't be really proven either way.
Currency exchange rates is also a major issue globally.
MS, like Sony, is a business. Fans can shout all they want about price cuts but MS sees the bigger picture.







