The Euro had initially made some gains against the U.S. Dollar during the Monday trading session on news that the Greek parliament had approved additional austerity measures, but recent news that Moody’s credit rating agency had downgraded several Eurozone members put renewed albeit slight pressure on the common currency.

With approval of a new austerity law passed by the Greek Parliament, the Euro edged up against the U.S. Dollar in Asian trading, pushed higher by investor hope that the Greek government will be able to secure the much-needed funding for the second bailout loan.

Following Thursday’s announcement that Greece has finally agreed to the necessary reforms which will allow it to proceed with a second bailout loan, the Euro continues to tenuously cling to recent gains.