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The euro was higher against its key counterparts in the European session on Thursday, after the European Central Bank President Mario Draghi expressed confidence about underlying inflation converging towards the bank's goal by the end of this year.

In his customary press conference in Frankfurt, Draghi said domestic cost pressures have strengthened amid high levels of capacity utilization and tightening labor markets.

"Underlying inflation is expected to pick up towards the end of the year and to increase further over the medium term, supported by our monetary policy measures, the ongoing economic expansion and rising wage growth."

Draghi reiterated that key rates would remain at their present levels at least through the summer of 2019.

He said ongoing broad-based expansion of the euro area economy and gradually rising inflation pressures supported confidence that the sustained convergence of inflation to the bank's goal would proceed and would be maintained even after a gradual winding-down of asset purchases.

The European Central Bank has left its key rates unchanged, keeping its main refi rate at a record low of zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is 0.25 percent.

The bank also reiterated its guidance for its asset purchases.

Survey data from Ifo Institute showed that Germany's business sentiment weakened for the second straight month in October.

The business climate index fell more than expected to 102.8 in October from 103.7 in September. The expected score was 103.2.

The currency rose against its major counterparts in the Asian session, barring the franc.

The euro added 0.4 percent to 1.1433 against the greenback, following a decline to 1.1391 hit at 5:00 pm ET. The pair was worth 1.1392 when it had ended deals on Wednesday. The euro is poised to challenge resistance around the 1.16 mark.

Data from the Labor Department showed that the U.S. weekly jobless claims rebounded modestly in the week ended October 20.

The report said initial jobless claims crept up to 215,000, an increase of 5,000 from the previous week's unrevised level of 210,000. Economists had expected jobless claims to inch up to 214,000.

The euro strengthened to 0.8863 against the pound, a 3-week high, which marked a 0.4 percent rise from a low of 0.8831 hit at 3:15 am ET. The pair had finished Wednesday's trading at 0.8843. Next key resistance for the euro is seen around the 0.90 level.

After falling to more than a 2-month low of 127.50 against the yen at 8:00 pm ET, the euro reversed direction and moved up to 128.44. At Wednesday's close, the pair was quoted at 127.87. The euro is seen finding resistance around the 131.00 mark.

Data from the Bank of Japan showed that Japan producer prices rose 1.2 percent on year in September, matching expectations and down from 1.3 percent in August.

On a monthly basis, producer prices added 0.1 percent following the flat reading in the previous month.

The single currency firmed 0.5 percent at 1.1416 against the franc, up from a low of 1.1356 hit at 5:30 pm ET. The euro had closed Wednesday's trading at 1.1367 against the franc. The next possible resistance for the euro is seen around the 1.16 level.

The European currency reached as high as 1.4943 against the loonie, compared to yesterday's closing value of 1.4873. The euro is likely to test resistance around the 1.51 level.

On the flip side, the euro fell to 1.6061 against the aussie and 1.7421 against the kiwi, coming off from its early high of 1.6161 and a 2-day high of 1.7525, respectively. Further downtrend may take the euro to support levels of around 1.56 against the aussie and 1.72 against the kiwi.

In today's events, at 12:15 pm ET, Federal Reserve Governor Richard Clarida speaks about the economic outlook and monetary policy at the Peterson Institute for International Economics Luncheon in Washington DC.