The euro fell earlier on Thursday as investors were anticipating ECB chairman Mario Draghi’s policy suggestions to revive the ailing single currency following substandard attempts to save Cyprus. Draghi said in a recent press conference that ECB’s monetary policy will remain accommodative.

“In the coming weeks, we will monitor very closely all the incoming information on economic and monetary developments, and assess the impact on the outlook for price stability,” Draghi said to reports on Thursday.

Most investors did not expect Draghi to make significant changes which could have either potentially boost the euro or create a backlash and thus possibly deepen the recession.