Invesco CurrencyShares Euro Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FXE$102.77-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067217
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105145
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 25 previous paragraphs and 27 current paragraphs.
20 unchanged; 4 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The euro (EUR/USD) continued to strengthen in the second quarter of 2025, despite a series of interest rate cuts by the European Central Bank (ECB), but this was largely thanks to tariff-driven US dollar weakness. The ECB lowered its deposit facility rate by 25 basis points in both April and June, as inflation showed signs of stabilizing and growth remained sluggish. While rate cuts typically weigh on a currency, the euro proved resilient, supported by expectations that the Federal Reserve will likely also ease policy. In addition, the EU’s proposed increased budget plan and its “ReArm Europe” initiative to increase defense spending, boosted the outlook for its economy vs the US, further supporting the pair.
Current report
The euro (EUR/USD) ended the second quarter of 2024 with a small loss. Price action was once again mostly driven by US Dollar moves. Sticky inflation in the US repeatedly pushed out Fed easing expectations, keeping treasury yields propped up. In comparison, the European Central Bank (ECB) began its easing cycle in June on expectations of weaker economic growth and hence lower inflation. Higher interest rates generally boost the country’s currency and vice versa.
Current report
The euro (EUR/USD) posted strong gains in the first half of 2025, driven by broad US dollar weakness and relative optimism for the EU’s economy amid expanded defense spending and budget plans. Deteriorating business and consumer sentiment in the US, sparked by tariff volatility and stagflation concerns, significantly pressured the greenback, increasing demand for de-dollarization trades. While the ECB cut interest rates in both April and June, the euro remained resilient, supported by expectations of potential Fed easing and a relative improvement in eurozone stability.
Removed paragraphs (1)
Previous report
The Euro (EUR/USD) saw positive performance in the first quarter of 2025, largely supported by US dollar (USD) weakness. Macroeconomic concerns reignited by President Trump’s shifting global tariff policies and growing stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in domestic financial markets. In addition, European currencies have been propped up by major defense and infrastructure spending plans which are expected to boost the region’s growth prospects. More specifically, the European Commission announced the ReArm Europe Plan/Readiness 2030 in March, which enables over €800 billion to strengthen the continent’s defense capabilities.
Reworded paragraphs (4)
Previous wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of March 31, 2025 was an annual nominal rate of 1.50%. The following chart provides the daily rate paid by the Depository since March 31, 2020:
Current wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of June 30, 2025 was an annual nominal rate of 1.10%. The following chart provides the daily rate paid by the Depository since June 30, 2020:
Previous wording
During the three months ended March 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US and recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2025, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Previous wording
The Euro (EUR/USD) posted a loss in the first quarter of 2024 though price action was largely driven by USD moves. The Federal Reserve’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for US rate cuts; higher rates generally provide support for the country’s currency. US economic resilience and heightened geopolitical tensions also boosted demand for the USD, which is traditionally seen as a safe haven. In comparison, the European Central Bank (“ECB”) was more dovish, looking to cut rates earlier than the Fed, and its economy was notably softer.
Current wording
The euro (EUR/USD) posted a loss in the first half of 2024 though price action was largely driven by US Dollar moves. The Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation repeatedly pushed out expectations for US rate cuts. US economic resilience and heightened geopolitical tensions in the first quarter also boosted demand for the dollar, which is typically seen as a safe haven. In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June.
Previous wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 1.50%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Current wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 1.10%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.