The euro was steady at $1.3838 at 8:20 GMT on Thursday morning as investors awaited European Central Bank head Mario Draghi's speech, set for later in the day.

The euro has been firmly rooted near $1.38 recently as investors wait for cues from the ECB about their plans for the bloc's monetary policy.

Eurozone data has been positive recently; data out on Wednesday showed that the private sector began the second quarter in its best position since 2011. The bloc has seen a marked turnaround so far this year, with several economic indicators pointing to a strong recovery.

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However, inflation has remained a worry for the region as the bloc's inflation figures have been on the decline. Eurozone inflation was down to 0.5 percent last month, dangerously close to zero. The figure was worrisome to most, but the ECB chose not to step in, saying they needed more data to make an informed decision.

Following last month's policy meeting, the euro soared which in turn caused eurozone policymakers to speak out against the ECB's hands off approach. Now, with several eurozone leaders calling for the bank to step in, many believe the bank will make a policy change at its May meeting.

According to Reuters, many analysts are expecting to see Draghi reinforce his earlier comments that the bank would take the stronger euro into consideration in his speech today. If he does highlight the bank's determination to keep inflation low, the common currency will likely sink lower.