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The Euro remains under pressure this morning after the announcement of the $146 billion aid package for Greece failed to calm investors and restore confidence to the Euro Zone. Traders are reluctant to throw their support behind the Euro because of lingering problems in Spain, Ireland and Portugal.

The Euro closed higher as traders became more optimistic that a multiyear rescue package agreement would soon be reached between Greece, the European Union and the International Monetary Fund.

U.S. stock markets are trading higher after the European Union, led by France and Germany, agreed on a bailout plan to help Greece. The news spread quickly throughout the equity markets as traders covered short positions initiated after Thursday reversal to the downside.

The Euro was under pressure throughout the New York session as uncertainty over the Greek bailout package encouraged more selling. Downside momentum dried up as the market approached last week’s low at 1.3443. This triggered a late session short-covering rally which helped erase close to half of its losses.

The Euro finished lower as the lack of concrete news regarding the European Union’s plan to guarantee Greece’s debt caused investors to remain nervous and skeptical that a resolution would be reached over the next few days.

Federal Reserve Chairman Ben S. Bernanke delivered an unusually harsh rebuke to American International Group yesterday, expressing rare public exasperation over having to repeatedly bail it out.

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