LONDON (MarketWatch) — The euro fell to its lowest level against the dollar since September 2003 after the Swiss National Bank scrapped its exchange rate floor of 1.20 francs to the euro, which had been in place since 2011.

The central bank’s decision reflects investors’ expectation that the European Central Bank will decide to begin buying government bonds at its Jan. 22 meeting in an effort to stimulate the faltering European economy, analysts said. This helped weaken the euro against its major rivals.

The euro fell as low as $1.1566 after the central bank’s decision sent the currency tumbling to new multi-year lows against most of its rivals.

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