Euro plunges to 11-year low amid stimulus bid

New York

THE euro plunged to an 11-year low as Mario Draghi rocked the market with a sovereign-bond buying programme that exceeded forecasts.

The 19-nation currency fell versus 27 of its 31 major peers and posted its biggest weekly drop in three years after the European Central Bank president outlined details of a 1.1 trillion euro (S$1.5 billion) stimulus plan. Denmark's kroner slid as that nation cut interest rates twice, while Canada's dollar plunged on the first decrease in borrowing costs since 2009. A gauge of the greenback closed at the highest on record before the Federal Reserve is forecast to hold rates unchanged this week.