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The ECB May Not Deliver the Goods: Strategist

Sabine Scheckel | The Image Bank | Getty Images

Remember how the euro jumped when European Central Bank President Mario Draghi pledged to preserve it? That is so last week.

After days of declines the euro shot up last week when European Central Bank President Mario Draghi pledged to do what it takes to preserve it.

But as the bank's meeting looms on Thursday, doubters are emerging.

Sean Callow, senior currency strategist at Westpac in Sydney, is one of them.

Callow told CNBC investors are worrying that "for all the promises of agreement and taking whatever steps are necessary et cetera, that what we see on Thursday is potentially going be a little bit lukewarm and a disappointment to the market.

Draghi and his colleagues could well take bigger steps in coming months, Callow says, "but certainly, Thursday might not be the huge event its being built up to be."

Even for investors who do expect big things from the ECB meeting, Callow points out that the euro rescue maneuvers will not necessarily give investors a reason to buy the common currency. "If one of those moves is a rate cut, then it's not obvious that you want to be buying the euro on that decision," he says.

As they say, time will tell.

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