If the euro is not considered a classic safe haven asset, it certainly has acted like one recently. The single currency has climbed nearly 3 percent against the dollar over the last five days.
"I don't think anyone really expected this with the euro and dollar here," said David Song, a currency analyst for DailyFX.
Still, it lost more than 1 percent against the greenback on Wednesday amid the jump in U.S. stocks. The euro has taken on safe-haven characteristics as it has become an outlet for carry trades, experts told CNBC.
Read MoreIs the euro the new safe haven?
"It has evolved into a safe-haven currency. It is a carry-funding currency so that during bouts of risk aversion, investors tend to unwind euro shorts, supporting the euro," Valentin Marinov, head of G10 FX research at Credit Agricole, said in a CNBC interview earlier this month.
Generally, observers often expect the U.S. dollar to hold up amid stock market uncertainty and buying of U.S. Treasury notes, Ray Attrill, co-head of FX strategy at National Bank Australia, told CNBC this week. Earlier this year, amid stimulus from the European Central Bank and expectations for a interest rate hike from the U.S. Federal Reserve, markets broadly positioned themselves short euro and long dollar.
Read MorePeter Schiff: The market's 'pipe dream' is ending
But now expectations that the Fed will raise interest rates in September have fallen, giving the dollar less support. Additionally, a temporary resolution to Greece's debt saga has provided more stability to the euro, contributing to its rise in a risk-averse environment.
"Ultimately, you would think that safe-haven flows would still bring the dollar stronger, even if we are seeing that unwind in Fed rate hike expectations," Attrill said.
Moving forward, the ECB could try to stem the euro's rise, as its relative weakness earlier this year helped exports, added Song. He noted that the dollar's strength would depend not only on when the Fed raises rates, but also how quickly its next move comes.
—CNBC's Deirdre Bosa contributed to this report.
Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.