The euro rose 0.3% to $1.2673 in early trading on Friday.
It also hit a two-month peak against the Japanese yen and a one-month peak against the Swiss franc.
Yields on Spanish and Italian ten-year bonds fell further, easing implied borrowing costs for the debt-laden countries.
Spanish 10 year bond yields fell to 5.77%, below 6% for the first time since May, while yields on the equivalent Italian bonds fell to 5.19%.
Referring to the ECB's plan, Alessandro Giansanti, a strategist at ING, said: "It's driving confidence through the market."
"You see the rally extending to longer [bond] maturities, whereas in previous times the rally was concentrated on the short end."
European stock markets also rose on Friday morning after their strong rally yesterday, as optimism grew about the prospects for the eurozone economy.
In Paris, the Cac40 index was up more than 1%, while Frankfurt's Dax index rose 0.65% in the first two hours of trading.
Markets were optimistic that US non-farm payroll figures, due later on Friday, would show a rise in employment.
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