Inflation risks in the euro zone have increased, price pressures are building and April's interest rate rise was "certainly not" a one-off, Coene said on Thursday.

The euro reached a session high of $1.4260, according to the EBS trading platform. It was last at $1.4242, up 0.3 percent on the day.

"We're seeing some short-covering in the euro when we got below $1.4150. There was also an ECB speaker talking about rate hikes. Any kind of hawkish ECB talk will give a push higher to the euro," said Brian Dolan, chief currency strategist, at Forex.com in Bedminster, New Jersey.