The single European currency plunged to an 11-year low against the U.S. dollar in mid-January. In other words, the euro hit a record low of November 2003. Importantly, the euro exchange rate dropped to 1.1540 against the U.S. dollar in mid-January from the local high of 1.3693 against the greenback recorded in July 2014. Such a dynamic was caused by the fact that the U.S. Federal Reserve completed its quantitative easing program. Awaiting the announcement of the QE end, the foreign exchange market responded with a notable decline of the euro exchange rate against its American counterpart. The U.S. Federal Reserve confirmed the end of the five-year bond-buying program in September. In fact, the U.S. Fed is still injecting cash into the economy though in more modest amounts. Previously, the regulator used to pump up $85 billion a month. However, it has cut monthly injections to $15-20 billion. Besides, extremely low inflation in the euro area also accounted for the euro depreciation. As a result, markets had great hopes for the ECB to launch its asset-buying program. There is one more reason why the single European currency went into a nosedive. The Swiss National Bank decided to abandon its policy of pegging the franc to the euro. This decision is one more factor why the euro came under extra pressure. Analysts considered the efforts of the Swiss watchdog to be a signal that the ECB would announce a launch of the large-scale quantitative easing program to bolster the finance system of the euro area.