The euro slid toward an 11-year low against the dollar as the European Central Bank expanded its bond-buying program to include government bonds, a policy that tends to debase the currency.
The 19-nation shared currency fell against all but one of its 16 major peers, touching the weakest level in almost seven years against the pound. The ECB plans to buy 60 billion euros ($69 billion) a month of public and private debt until September 2016, President Mario Draghi told reporters in Frankfurt. Before the announcement, the ECB was said to have considered buying 50 billion euros a month. Switzerland's franc climbed against the euro for a third day.
"It's greater than expectations in terms of size and duration," said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London, said of the ECB's plans. "Today's measures will keep downward pressure on the value of the euro."