This is not how you would expect a market for a stock to behave.
The euro, which was last traded at $1.1914 before the recent sell-off, is down almost 60% in value since the start of the year.
The value of the U.K. pound has also plunged.
The currency has gained 0.6% against the dollar since April 8, when Brexit triggered the Brexit vote.
The European Central Bank has raised interest rates twice this year, but this is the first hike since the beginning of the Great Recession in 2007.
It was not immediately clear how many of the country’s banks would need to cut costs to stay afloat.
The euro has also fallen against the U and Japanese currencies in the past few weeks.
In Japan, the Nikkei 225 index dropped 2.6%, while the Hang Seng index fell 1.6%.
The Tokyo Stock Exchange’s 10-year yield dropped to 2.9% from 3.2% the day before.
Meanwhile, the S&P 500 index dropped 5.5%.
The index has lost 7.3% this year and is currently down more than 2%.
The Dow Jones Industrial Average lost 4.4%.