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The 17-nation shared currency lost value for the eighth straight trading session on Wednesday against the U.S. dollar, tugged downward by concerns about nations victimized by the sovereign debt crisis, according to Bloomberg.

Two-time international aid bailout recipient Greece, where political leaders are encountering obstacles as they attempt to establish a new government, continued veering toward departure from the euro zone. The euro's most recent string of eight consecutive losses against the world's reserve currency was in early September 2008.

"We still think the euro will head lower with $1.2950 the level to break in the near-term," Senior FX strategist Lauren Rosborough  with Societe Generale told Reuters.

Since late April, the 17-nation monetary unit has lost 2.1 percent of its value against the U.S. dollar, also sliding Wednesday against the Japanese yen.

Shifting west, the euro's prospects suffered Wednesday after yields on 10-year Spanish bond notes pushed north of 6 percent, Reuters reports, as the nation works toward staving off the tightening noose of the debt scourge. But Spain's banking sector is weakened, a tell-tale sign of damages caused by the sovereign debt crisis.

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