The euro continued to struggle against the dollar today after the European Central Bank yesterday released details of an unprecedented monetary easing plan designed to lift the faltering euro zone economy.

It was trading as low as $1.0954 this afternoon - its weakest level since 2003 - after trading at $1.1080 in New York on Wednesday night.

The euro yesterday slumped to the 11-year-low against the dollar after ECB chief Mario Draghi said the bank will start buying government debt in its new quantitative easing programme on Monday. 

"Following up on our decisions of January 22, we will, on March 9, start purchasing euro-denominated public sector securities in the secondary market," Draghi told a news conference.

He adding that "we have already seen a significant number of positive effects from these monetary policy decisions."

Draghi also told a news conference that the central bank had increased its euro area-wide growth forecast to 1.5% in 2015, 1.9% in 2016 and 2.1% in 2017. 

At the same time, inflation was set to come in at zero this year, lower than previously projected, but would pick up to 1.5% next year and to 1.8% in 2017, Draghi said.

Other mixed signals included euro zone jobless rates declining from 11.3% to 11.2% in January, while US jobless figures modestly yet unexpectedly increased. 

Meanwhile, the dollar was steady ahead of a key US jobs report later this afternoon. Investors will pore over the figures for clues about the state of the world's top economy, and when the Federal Reserve will start raising interest rates.