As reality settles in, the Euro is finding itself under renewed pressure, as investors consider worries of growth woes and implementation risks for the Mediterranean nation.

Following the news that the Eurozone’s policymakers have finally agreed on the deal which would give Greece the €130 billion needed to avoid a messy default, the Euro rose against the U.S. Dollar and traded at a high of $1.3293.

Investors hoped remain firmly pinned on a resolution today to the Greek bailout issue, which has helped to buoy the Euro and other commodity-linked currencies.

In Asian trading, the U.S. Dollar struck a 3½ month peak against the Japanese Yen as better than expected U.S. data points provided a lift to the greenback, already rallying since the Bank of Japan’s movement earlier this week.

Following a surprise announcement that the E.U. would not make a do-or-die decision on the Greek bailout loan, the Euro tumbled to a 3-week low against the U.S. Dollar on renewed worries that Greece will be unable to meet its March 20th debt obligations.

A planned meeting in Brussels for today which was aimed at approving the Greek bailout plan was delayed again after Eurozone finance ministers claimed that Greek party chiefs failed to commit to the necessary reforms.

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.

After seven difficult hours of negotiations on Thursday, Greek leaders were unable to find a compromise through which they could sign a new bailout and austerity program to save the struggling nation.