The euro hit a fresh 11-year low after Draghi announced the launch of an open-ended expanded monthly 60 billion euro bond-buying program.
The currency war is being played like a chess match, but that will eventually change, veteran trader Art Cashin told CNBC.
Commodity currencies may face a race to the bottom as the Bank of Canada's surprise rate cut may pressure Australia's central bank to follow suit.
The yen rebounded against the dollar after the Bank of Japan stood pat on monetary policy.
The dollar hit a one-week high against the yen after China growth data was not as bad as many had feared, curbing demand for the safe-haven Japanese currency.
The European Central Bank could take its boldest steps yet to revive the euro zone's moribund economy.
Dennis Gartman, along with Deutsche Bank's David Bianco, talk about who is hurt by the Swiss central bank's move.
Switzerland's franc soared by almost 30 percent in value against the euro after the Swiss National Bank abandoned its three-year old cap.
Switzerland's franc soared by almost 30 percent after the Swiss National Bank abandoned its cap against the euro.
The dollar fell against the yen following after newly released data showed retail sales fell 0.9 percent, its biggest drop since January 2014.
Sterling fell towards an 18-month low against the dollar, after data showed British inflation at its lowest since 2000.
The yen hit a one-month high against the dollar on Tuesday, buoyed by steady demand for safe-haven assets against a backdrop of plunging oil prices.
Sterling recovered some ground on Friday, pushing back above $1.51 as the dollar retreated broadly.
The euro extended losses into a sixth straight day to trade near a nine-year low, as investors bet the ECB was getting closer to adopting QE.
The euro hit another nine-year low against the dollar on Wednesday, after data for the euro zone revealed that prices were falling in the region.
The U.K. pound hit a fresh 17-month low against the U.S. dollar on Tuesday and currency experts are split on which way the currency will head next.
The safe-haven yen rose as investor risk aversion mounted following a sharp drop in crude oil and stocks.
The euro fell to near a nine-year low, hit by concerns that Greek elections will result in a government that will aim to cancel austerity measures.
The euro fell to its lowest in 4-1/2 years against the dollar on Friday after the head of the ECB fanned expectations of QE later this month.
The U.S. dollar hit its highest level since March 2006 on Friday, as the euro fell on speculation about imminent monetary easing tactics.