Investors bracing for bold action by the European Central Bank were no doubt disappointed by President Mario Draghi today.
The bank left interest rates unchanged, contrary to some expectations, and Draghi in his comments maintained his view that the euro zone is headed for a gradual recovery.
The lack of action sent the euro sharply higher, but that didn't impress Michael Mewes, a portfolio manager at JPMorgan Asset Management.
Mewes told CNBC that Draghi's comments were a "non-event," and said the slightly lower economic forecast was in sharp contrast to the market's reaction.
"We would still expect a further rate cut at some stage," he says, though not a large one. "We would have expected the growth forecasts to be reduced a tiny bit more," since the old projections were made when the euro was trading around 1.2500.
"More people are believing rates will stay on hold," Mewes says, but "we still expect the ECB to be ready when there is liquidity needed."
Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.
Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class.
Talk back: Tell us what you want to hear about - email us at firstname.lastname@example.org.