SYDNEY (Reuters) - The euro wallowed just above a fresh 12-year low early on Thursday having faced an unrelenting onslaught this week as the European Central Bank kicked off its one trillion euro bond-buying campaign.

The program has already driven yields of many euro zone bonds deeper into negative territory and others to all-time lows. A 30-year German bond now offers a yield that is less than that of a two-year US Treasury note.

Unsurprisingly, investors kept well clear of the common currency. It fell as far as US$1.0511, stopping just short of the March 2003 trough of US$1.0501. A break there will only heat up talk of parity. The euro last stood at US$1.0554.

Against the sterling, it fell to its lowest in over seven years at 70.11 pence. It hit a record low of NZ$1.4434 and slumped to a near two-year trough 127.64 yen .

Developments in Greece continued to garner some attention, though Athens appeared to have made no headway in persuading euro zone partners to renegotiate terms of a 240 billion euro bailout.

In contrast, the US dollar climbed further, fuelled in part by expectations the Federal Reserve is not far from lifting interest rates.

The dollar index came within a whisker of 100.00 for the first time since April 2003. Versus the yen, the greenback traded at 121.41, not far off an eight-year peak of 122.04 set on Tuesday

Against commodity currencies, the US dollar hovered just below six-year peaks on its Canadian and Australian peers.

Australia's employment data due at 0030 GMT will be the next test for the Aussie dollar. Any upside surprises could see markets quickly unwind already very bearish positions.