In the last quarter short term rates stabilized at a slightly higher level and the netinterest margin (the difference between the interest they pay to depositors and that which they are paid for them) widened.
CurrencyShares Euro Trust is designed to track the price of the euro net of Trust expenses, which are expected to be paid from interest earned on the deposited euros.
First and foremost, ever-present low interest rates have squeezed bank profitability as measured by netinterest margin, or the spread between what banks pay to borrow and what they're paid to lend.