If the financial situation in the European Union hadn’t prompted the fear of the speculative masses, the US dollar would likely not be pressing new yearly highs on a trade-weighted basis.

KUALA LUMPUR, April 26 (Bernama) -- The ringgit opened higher against the U.S. dollar in early trading Monday following anticipation on Greece seeking a package of loans from the European Union and the International Monetary Fund. The European single currency fell against the U.S dollar and Japan’s currency Monday as short-term market players sold the common currency, which often tracks equities, as share markets across Asia weakened. The EUR traded at $1.3467 from $1.3506 and at Y123.96 from Y124.47 late Friday. The 16-nation currency weakened against the USD after European Union finance [...]

In a move eerily reminiscent of the controversy surrounding Greece, the European Union has issued a warning to Portugal that it must do more to reduce its spending and bring its deficit in line with the EU requirement of 3 percent of total GDP.

“The Portuguese stability program is ambitious and quite concrete for the years 2011 to 2013, but additional measures were discussed today and may be needed especially this year,” European Commissioner for Economic and Monetary affairs Olli Rehn told reporters in Brussels.

Source: AFP News

The Euro soared to the highest in a month against the US Dollar after European Union leaders announced a new 45 billion euro bailout plan to stave off a default in debt-ridden Greece.