The Governing Council of the European Central Bank (ECB) will hold an extraordinary meeting on Wednesday “to discuss current market conditions”, Bloomberg news agency reported, citing a statement from the regulator’s representative.

Last week, the European Central Bank kept key interest rates unchanged and signaled plans to raise them by 25 basis points in July.

Meanwhile, Italy’s 10-year government bond yields the day before surpassed the 4% mark for the first time since 2014. This indicates investors’ fears that the ECB will not be able to raise the cost of borrowing, while preventing a sharp rise in yields for government bonds of the most vulnerable eurozone countries, Bloomberg writes.

On the news of the ECB’s extraordinary meeting, the euro jumped 0.65% to $1.0486 per euro paired with the dollar.

“The euro’s rebound could mean that investors are hoping to learn new details about any possible interventions to stabilize the European government bond market,” said Credit Agricole (EPA:CAGR) CIB analyst Valentin Marinov.