Euro pares gains vs dollar, remains at 4 month high

NEW YORK: The euro pared gains against the dollar in choppy trade on Thursday, but remained at a four month high after the Federal Reserve announced another aggressive stimulus program to bolster the US economy.

In a significant shift in monetary policy, the Fed said it would buy $40 billion of mortgage debt per month and will continue to purchase those and other assets until the weak employment picture shows marked improvement.

The euro earlier hit a high of $1.3001 and last traded at $1.2982, up 0.6 percent on the day and its highest since May 9, according to Reuters data.