The euro has fallen further against the dollar and sterling after the European Central Bank announced a plan to pump more than €1 trillion into the economy. and two days before a snap election in Greece.

The euro hit a low of $1.1115 during the afternoon, hitting its lowest level since September 2003, before rebounding slightly to 1.1248.

The single currency - which hit an 11-year low of $1.1316 after the ECB announcement yesterday - also fell against Britain's currency to stand at £0.7489 by the evening.

The ECB said it would inject €60 billion a month into financial markets from March until September 2016, a programme known as quantitative easing (QE). 

That was more aggressive than the €50 billion pace that many had expected.

The move came after the region's inflation turned negative in December, stoking fears that the 19-nation euro zone is on the brink of a dangerous deflationary spiral of falling prices. 

Analysts said the euro could weaken further as the ECB move underscores a growing policy split with the US Federal Reserve. The Fed has wrapped up its own quantitative easing (QE) programme as it eyes a mid-year interest rate hike.

Traders are also keeping any eye on weekend elections in Greece where left-wing party, Syriza, may sweep to power on its pledge to redraft the country's multi-billion EU-IMF bailout and erase most of its huge debt. 

That has stoked fears of Greece's eventual exit from the euro zone.