I'm afraid not. There are at least 4 threads regarding this problem in the
Excel forum, the earliest I've found being 13th July 08, so I'm guessing that
MS introduced a bug to Excel 2007 shortly before this and broadcast it to all
of us on patch Tuesday. The workaround is to fiddle with the zoom or switch
to full page view not print layout view.

"Starscream" wrote:

I have exactly the same issue. Any news from Microsoft regarding this bug?