Invesco CurrencyShares Euro Trust
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0000950170-25-105145
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270311
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 27 previous paragraphs and 28 current paragraphs.
21 unchanged; 3 reworded; 4 added; 3 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 (4)
Current report
There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust's financial condition, used in the preparation of these financial statements.
Current report
The euro (EUR/USD) was mostly rangebound in the third quarter of 2025. After pulling back on additional US tariff announcements, the euro regained on the ratification of a trade agreement. The euro also moved higher due to rates policy divergence as the Fed tilted to dovishness and began rate cuts in September while the European Central Bank (ECB) held policy steady since June. However, rallies have been weighed down by political stressors and fiscal woes in France. The halt in the USD descent in Q3 was also a headwind.
Current report
The euro (EUR/USD) ended the third quarter of 2024 higher, supported by a weaker US dollar. The greenback retreated on dovish sentiment leading into the Fed's first rate cut in September and the surprise hike in Japanese rates, which led to a rapid unwind of the US dollar, Japanese yen carry trade (i.e., borrowing in the Japanese yen and investing it in a higher yielding asset like US treasuries). Disappointing US labor data also briefly reignited US hard landing concerns but there were also worries about sticky inflation and weaker growth in the Eurozone. Markets also became concerned about the US election and its impact on the economy, which further weighed on the US dollar, boosting the pair.
Current report
The euro (EUR/USD) posted strong gains year-to-date through the third quarter of 2025, mainly fueled by US dollar weakness and increased EU defense spending boosting their domestic economic outlook. The euro extended its gains as the EU’s rates policy began to diverge from the US, with the ECB wrapping up its easing cycle in June while the Fed leaned towards more rate cuts. There was some volatility due to tariff-related trade tensions and political turmoil in France in the third quarter, but overall, the euro has been resilient and price moves have been driven by the greenback.
Removed paragraphs (3)
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (3)
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
Previous 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.
Current wording
During the three and nine months ended September 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 U.S. economic uncertainty for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for both 2024 and 2025, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, U.S. economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and nine months ended September 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 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.
Current wording
The euro (EUR/USD) posted positive performance in the first three quarters of 2024, mainly due to dollar-driven gains in the third quarter. The pair was initially pressured in the first quarter as the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation repeatedly pushed out expectations for US rate cuts. In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June. However, the US dollar turned sharply lower in the third quarter after the Fed officially kicked off its own easing cycle, the Bank of Japan surprised markets with a rate hike, and concerns about the impact of the US election grew.