European Central Bank (ECB) governor, Mario Draghi at a dinner party on Wall Street, late last Friday, tried to soothe market, however attempts like these are likely to be less effective from now on.

Mr. Draghi, pointed out central banks' willingness to act and ability to act should inflation remain low and tried to reassure market that ECB is not at rope's end and has more firepower.

"There cannot be any limit to how far we are willing to deploy our instruments, within our mandate, and to achieve our mandate." He also said "no doubt that if we had to intensify the use of our instruments to ensure we achieve our price stability mandate, then we would."

Last Thursday, analysts and market participants were thoroughly disappointed in ECB's stimulus package that just included 10 basis points cut and six months extension to asset purchase, way below expectations.

For the past few years, both anlysts and traders had started to rely on ECB's commentaries over any other central bank and its ability to beat market expectations. We even ranked ECB as the most credible central bank.

However after massive disappointment last week, traders and analysts' even if agree that ECB do have firepower left, like to approach the commentaries with pinch of salt.

ECB's forward guidance just lost lot of its charm.

Euro is currently trading at1.082 against Dollar.