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.