Early trade in New York: Euro surges to two-month high versus dollar

The euro traded higher against the US dollar on Thursday after the European Central Bank unveiled a new and potentially unlimited bond-buying program to stem the euro zone debt crisis. Investors have been anticipating the plan for weeks and the details European Central Bank President Mario Draghi announced at a news conference were largely in line with expectations.
The euro was last changing hands up 0.2 percent at $1.2623, off the session low at $1.2559. The single currency had climbed to $1.2650, its highest since early July after the ECB kept interest rates on hold, with its key rate unchanged at 0.75 percent. Against the Japanese yen, the dollar was last up 0.7 percent at 78.94 yen.