Greenback kept its upward rally for the eight consecutive session on Wednesday as the single currency further plunged on the increased chances that Greece could be excluded from the European Union. The board of directors of the euro zone rescue fund disclosed on Wednesday that they will hold back 1 billion euros equivalent to $1.29 billion as a part of 5.2 billion euro Greece’s bailout package. According to EFSF, Greece will receive 4.2 billion euros on Thursday.

The dollar index DXY which tracks the US dollar’s performance versus its six major rival currencies gained to 80.083 on Wednesday as compared to 79.719 on Tuesday’s North American trading session. The single currency fell to 1.2954 against the greenback on Wednesday as compared to 1.3014 in Tuesday’s late trading hours.

Senior currency strategist, Eric Viloria from Forex.com commented, “Without decisive leadership, markets are questioning the ability and willingness of [Greece] to adhere to austerity measures required in order to receive future aid payments.”

Further to add pressure to the euro, the yield on Spanish 10-year debt jumped above its psychological barrier of 6 percent which is highest since April. The

Among other currencies, the British Pound declined to 1.6141 against the US dollar as compared to 1.6158 while the greenback fell to 79.65 versus the Japanese yen on Wednesday as compared to 79.81 on late Tuesday.

The Australian dollar fell to 1.0058 versus the greenback on Wednesday as compared to 1.0125 on late Tuesday.