The European Central Bank (ECB) has increased its key interest rates by 25 basis points, marking the ninth consecutive rate hike over the past year. The ECB deposit rate rose to 3.75%, the highest level since April 2001, and the interest rate on main refinancing operations rose to 4.25%, the highest since October 2008. The ECB also decided to cut the remuneration on minimum bank reserves to 0%. The euro fell in reaction to the ECB meeting, with the Invesco CurrencyShares Euro Currency Trust (NYSE:FXE) also dropping by 0.8%.