Ten major European banks have formed an alliance and plan to launch a euro stablecoin by mid-2026 in an effort to counter the dominance of the US dollar in the global stablecoin market, which exceeds $300 billion. The project is jointly initiated by banks including BNP Paribas, ING, UniCredit, and CaixaBank, and will be developed through the newly established Qivalis institution to ensure compliance with the EU's MiCA regulations. Qivalis has assembled an experienced leadership team, with former Compliance CEX Germany Managing Director Jan-Oliver Sell serving as CEO and former ING Head of Digital Assets Floris Lugt as CFO. The alliance has applied for an electronic money institution license from the Dutch Central Bank and welcomes participation from more banks to drive payment innovation.

Chris Turner of ING Group stated that if wage growth in the UK continues to slow, it would support the Bank of England's possibility of cutting interest rates in December, and the pound may decline. He believes the market is underestimating the rate cut expectations and pointed out that labor market data will influence these expectations.

Credit strategists at ING Group pointed out in their research report that the credit spread of dollar-denominated corporate bonds remains in an extremely tight state, reducing their attractiveness compared to Euro-denominated counterparts. The strategists stated that the US credit spread may widen to reflect current risks, including a deteriorating labor market, escalating trade tensions, and rising fiscal concerns. In addition, investor funds are expected to continue flowing into Euro investment-grade bonds, while the inflow of funds into US corporate bonds will shrink relatively.

Jin10 data reported on October 20, on Friday, S&P downgraded France's credit rating from AA- to A+, while investors seemed indifferent, and the euro rose. ING analyst Francesco Pesole stated in a report that the euro rebounded after French Prime Minister Le Cornu passed the no-confidence vote last week, but "it is hard to feel too satisfied with France." Le Cornu's decision to freeze pension reforms complicates budget decisions, and given the government's fragility, it is still too early to completely rule out France's impact on the euro.

Analysts at ING Group pointed out that the UK economy is performing relatively well, but it faces risks from tightening fiscal policy and loosening monetary policy, which may pressure the pound. The market has underestimated the Bank of England's rate cut magnitude, and the Chancellor needs to reduce the deficit through tax increases or spending cuts, while the attractiveness of the pound against the euro is influenced by French politics.

ING predicts that the gold bull run still has room for rise, expecting the average gold price to reach $4000/ounce in the fourth quarter and $4100 in the first quarter of 2026. The report emphasizes the Central Bank's continued buying and geopolitical risks, while also mentioning that the market may force investors to sell gold due to dumping.

Chris Turner of ING Group pointed out that the resignation of the French Prime Minister could prompt Macron to appoint a new Prime Minister, which would have a positive impact on the euro. He believes this change would help narrow the yield spread between German and French government bonds, potentially providing support for the euro.

Jin10 data October 8 news, due to the continued cooling of expectations for the Bank of Japan's interest rate hike, the yen weakened against most G10 and Asian currencies during the morning trading session. Chris Turner of ING stated in a research report: "In the short term, market focus will be on what kind of pressure the Bank of Japan is facing." Currently, the market believes that the probability of the Bank of Japan raising interest rates at this month's meeting is only 20%. If the rate hike is delayed until next year or even later, it will further put pressure on the yen.

Analyst Chris Turner from ING stated that due to the unstable political situation in France and the U.S. government shutdown, the euro faces a risk of falling. After the resignation of the French Prime Minister, the probability of early elections is 57%, but it remains unclear whether this will resolve the issues. Traders will follow the yield spread between French and German bonds; if the spread widens, it will exacerbate the depreciation of the euro.

Jin10 data reported on October 6, analysts at ING, Francesco Pesole stated that the US dollar remains resilient but still faces downside risks. Weekend news showed that there has been little progress on the US government shutdown issue, which means the release of official economic data will be further delayed. Investors will closely watch the upcoming Fed meeting minutes this week for clues to determine whether Fed Chairman Powell's cautious stance on further rate cuts is supported by a majority of the committee. ING stated that risks seem slightly skewed towards dovish, which could trigger a negative reaction in the dollar.

Jin10 data September 29, analysts from ING, Chris Turner, stated in a report that if there are signs indicating a 180-degree turnaround in the UK Labour government's plans to cut spending to reduce the budget deficit, the British pound may fall, while UK government bond yields may rise. The Labour Party conference taking place in Liverpool next Monday will be the focus of attention. "Any indication that the government will make concessions to the left wing of the party, such as lifting the cap on the two-child benefit, will be displeasing to UK bonds and the pound."

Jin10 data reported on September 19, the International Group of the Netherlands' Francesco Pesole stated that the Japanese yen should strengthen due to the possibility of the Bank of Japan raising interest rates next month. The Bank of Japan maintained its interest rates on Friday, but two committee members voted against, advocating for an increase. Pesole said: "We have been calling for the Bank of Japan to raise interest rates in October, and the dissenting votes give us more confidence in this judgment." According to data from the London Stock Exchange Group, the market currently estimates a 47% probability of the Bank of Japan raising interest rates in October. Pesole pointed out that even without considering any repricing of the market's expectations for the Bank of Japan's interest rates, the current short-term fair value of the dollar against the yen is already overvalued. The International Group of the Netherlands expects the dollar to yen exchange rate to fall from the current 148.15 to 145.00 within a month, and further to 140.00 within three months.

Jin10 data reported on September 19, the Netherlands International Group's Francesco Pesole stated in a report that the political turmoil in France has not yet had a significant impact on the euro, and this situation is expected to continue for the time being. He pointed out that the risk of the yield spread between French and German government bonds widening further still exists. However, "For the euro, the most important thing is the speed of these adjustments, and so far, we do not expect any substantial foreign exchange spillover effects."

Jin10 data reported on September 18, Dutch chip manufacturing equipment supplier ASML may benefit from the collaboration between NVIDIA and Intel—both companies are jointly developing products in the data center and personal computing sectors, according to Jan Frederik Slijkerman from ING. Intel is a long-term customer of ASML's lithography equipment, which is an essential core tool in the semiconductor manufacturing process. After NVIDIA announced it would invest $5 billion in Intel to advance their collaboration, ASML's stock price rose nearly 8% in response. Slijkerman pointed out that the rise in ASML's stock price indicates that investors expect further increases in demand for lithography equipment.

The report from ING indicates that the Fed's rate cut of 25 basis points is unfavourable for the dollar, and Chairman Powell has not alleviated market concerns about inflation. It is expected that there will be two more cuts this year, and the decline in the dollar's financing costs may exacerbate depreciation pressure towards the end of the year.

Jin10 data reported on September 15, analysts from ING said in a report that driven by expectations that the Fed may start a series of three rate cuts on Wednesday in 2025, the EUR/USD exchange rate may rise from the current level to $1.2 by the end of the year. The analysts stated: "Seasonal factors such as U.S. corporate tax payments may support dollar buying in September, but starting in October, as the Fed cuts rates by 75 basis points this year, the dollar should fall." They pointed out that although the Central Bank of Europe has likely ended its rate-cutting cycle, whether the euro can pump still depends on the overall weakening of the dollar.

Jin10 reported on September 15 that Chris Turner, an analyst at ING, stated in a report that the euro's reaction was very mild after Fitch downgraded France's credit rating, as this move was not unexpected. He pointed out that the current market focus is on whether the new French Prime Minister can persuade lawmakers to support the fiscal consolidation plan. Forex market participants are expected to continue monitoring France's debt situation, although our core view is that this will not evolve into another eurozone crisis.

Jin10 data reported on September 11, analysts at ING, Pesole, stated that ahead of the autumn budget announcement on November 26, there remains a risk of a fall in the British pound due to concerns over the sustainability of UK finances. He noted that as UK long-term government bonds rebounded from last week's dumping, the pound has recently strengthened against the euro. Compared to the euro and the dollar, the pound is more sensitive to the dumping of long-term government bonds, indicating that risks still exist ahead of the budget announcement. However, during periods of stability in UK government bonds, the cautious stance of the Bank of England on interest rate cuts has led to higher short-term rates, making it "expensive" to sell the pound.

On September 8, Jin10 reported that Carsten Brzeski of ING stated in a report that Germany is struggling to escape its stagnation. Data shows that Germany's exports to the United States continued to decline in July, reaching their lowest level since the end of 2021, with exports to other major trading partners also falling, highlighting the broad challenges faced by Germany's export-oriented economy. Brzeski pointed out that with the strengthening of the Euro and external pressures such as trade tariffs on foreign demand, Germany, the largest economy in Europe, looks set to remain sluggish for the rest of the year. He added, "All of this means that any hopes for a sustainable recovery in Germany rest on fiscal stimulus."

Jin10 data reported on September 5th that Francesco Pesole, a forex analyst at ING, pointed out that the latest survey of European Central Bank forecasters shows that market expectations have clearly shifted towards a hawkish stance. However, for the euro against the dollar, the trend still almost entirely depends on Fed policy and U.S. data. We expect this currency pair to rebound above 1.1700. In the coming days, any developments in French political dynamics and the situation in Ukraine will remain another important factor affecting the euro. The market anticipates that the French parliament will pass a no-confidence motion against Prime Minister Borne on Monday. A realistic scenario thereafter is that President Macron will appoint a new centrist or center-right prime minister to push for a weakened fiscal consolidation plan. Throughout this process, political uncertainty will remain high, but we are uncertain if this will be sufficient to trigger uncontrollable fluctuations in French bonds, thereby exerting significant pressure on the euro—given the outcome of the no-confidence motion.

The report indicates that the inflation rate in the Eurozone slightly exceeds the 2% target, and the overall inflation environment is stabilizing. In the context of weak economic growth and uncertainty, pausing interest rate cuts is a reasonable choice. Although some policymakers may still lean towards rate cuts, the likelihood is lower.

Jin10 data reported on August 28, analysts at ING Groep stated in a report that the euro faces further pressure from political concerns in France, but the short-term fall may be limited. He stated: "We believe the dollar trend will dominate here, and the euro should find support below 1.1600 before September."

Jin10 data reported on August 28, the interest rate strategist at ING stated in a report that the France-Germany bond yield spread may remain elevated even if it does not widen further. The 10-year France-Germany bond yield spread rose to 82 basis points on Wednesday, the highest level since January. Due to the prospect of a confidence vote, the yield spread between French and German bonds has significantly widened, with risk balances tending to expand further. Although the increase is relatively controllable, it also highlights that if political tensions escalate, the upside risk for French bonds will increase.

Jin10 data reported on August 27th that Francesco Pesole, an analyst from ING Group, stated in a report that due to market expectations that the Central Bank of England will adopt a cautious rate-cutting strategy, the recent outlook for the British pound remains optimistic. The recent continued cooling of the market's expectations for a rate cut by the Central Bank of England continues to provide strong support for the "short-term momentum of the British pound." He noted that the euro against the pound EUR/GBP could fall below 0.8600. "In terms of (the British pound against the US dollar), we still believe that a structural breakthrough of 1.35 is only a matter of time, not whether it will break through."

Jin10 data reported on August 26 that Charlotte de Montpellier, an analyst at ING, wrote that France is heading into turbulent political waters after Prime Minister Borne requested a confidence vote for his minority government at the beginning of next month. Borne is likely to lose in the election, ending his brief term as Prime Minister. This leaves President Macron with a choice: appoint a new government leader (who will face the same restrictions in a divided National Assembly as Borne) or call for new parliamentary elections, the outcome of which is unpredictable. Either path will inject new uncertainty into an already fragile political landscape.

Analysts from ING Group pointed out that German corporate confidence continues to rise, anticipating the stimulus brought by government spending, despite facing economic contraction and an uncertain external environment. This optimism mainly stems from the Chancellor's commitment to large-scale investments in defense and infrastructure.

Chris Turner of ING noted that foreign Central Banks are reducing their holdings of US Treasuries and dropping their dollar exposure. Although the private sector in the US catching a falling knife may mitigate market impacts, negative effects on the dollar may still persist. The amount of US Treasuries held by the Fed has fallen to $2.83 trillion.

On August 11, Jin10 reported that Francesco Pesole, an analyst at ING, stated in a report that the summit held on Friday between U.S. President Trump and Russian President Putin regarding the Russia-Ukraine conflict could impact the euro. "If a ceasefire is achieved in the coming weeks, the euro may perform well, particularly against the U.S. dollar, Japanese yen, and Swiss franc." Since early August, hopes for a Russia-Ukraine truce have led to a drop in oil prices. However, he noted that considerable uncertainty surrounds the outcome of the negotiations, and the recent decrease in G-10 currencies' sensitivity to the Ukraine conflict could limit any impact on the euro.

Analysts at ING Groep in the Netherlands stated that the optimistic sentiment in the German industry does not match the actual data, with industrial production declining by 1.9% month-on-month in June. Although there are signs of improvement, production remains below pre-pandemic levels, which could lead to a downward revision of GDP for the second quarter.

Jin10 data reported on August 6, the International Group stated that after recent appreciation, the Czech koruna still has room for a pump, as the Central Bank of the Czech Republic may signal during Thursday's meeting that interest rates will remain high. Data released on Tuesday showed that the inflation rate in the Czech Republic slightly fell from 2.9% in June to 2.7% in July, but this did not change the Central Bank's cautious stance on interest rate cuts. The International Group expects that at Thursday's meeting, the Central Bank will keep the Benchmark interest rate unchanged at 3.5% and does not expect any further cuts for the remainder of the year.

Gate News bot message, according to the Gate announcement on July 7, 2025: Gate has launched a new 7-day fixed income product for AIN tokens in its Yu Bi Bao. This product offers an annualized return of 150%, with a total limit of 20 million AIN tokens, available on a first-come, first-served basis. Infinity Ground is the project party, primarily providing blockchain infrastructure services and dedicated to building a decentralized agent development environment. The project completed a $2 million seed round of financing in early 2025, receiving investments from several institutions including Frachtis Ventures, MarbleX, and Animoca Brands. Its core products include a decentralized intelligent agent IDE, an AI application store, and a dedicated public chain ING Network, aimed at allowing users to create DApps through natural language, including games, social applications, and DeFi applications.

Jin10 data reported on July 30, analysts from ING, Francisco Pesole, stated in a report that if the Central Bank of Canada maintains interest rates, the Canadian dollar may fall, but this implies the prospect of future rate cuts. Data shows that the market expects only a 15 basis point rate cut by the end of the year. Considering this conservative pricing and the economic risks brought by the US-Canada trade negotiations, the Central Bank of Canada may encourage the market to bet on further rate cuts. This will put pressure on the Canadian dollar. It is still expected that the USD/CAD will reach 1.39 this quarter.

Jin10 data reported on July 29 that the British pound fell to a two-month low against the US dollar, but rose to a nearly one-week high against the euro due to the trade protocol reached between the US and Europe. As concerns about a US economic recession eased, the dollar strengthened overall; however, market worries about tariffs harming the eurozone economy led to a fall in the euro. Therefore, the British pound rebounded against the euro. Chris Turner, head of forex strategy at ING, noted in a report that the rise of the British pound against the euro was also due to investors reducing their positions that previously bet on a strong euro.

Jin10 data reported on July 28, analysts at ING, Chris Turner, stated in a report that the forex market's reaction to the trade protocol between the US and Europe has been limited, as there were already expectations of an agreement last week. With the market awaiting the Fed's interest rate decision this week, the euro is under pressure and falling. The market generally expects the Fed to maintain interest rates. ING forecasts that if the Fed continues to resist political pressure to cut rates, the euro to dollar exchange rate may fall to 1.16. Data shows that the currency market does not expect the Fed to cut rates before October.

Gate News bot message, according to the Gate announcement on July 4, 2025: Gate will launch the Infinity Ground ( AIN) staking mining event on Launchpool from July 5, 2025, at 20:00 to July 10, 2025, at 20:00 UTC+8 (. Users can participate by staking BTC or AIN tokens, with a total mining reward of 1.2 million AIN tokens. The system will distribute rewards hourly based on the proportion of users' staked assets. Infinity Ground is a blockchain infrastructure project built for Vibe Coders, providing a decentralized agent IDE, an AI application store, and the ING Network public chain. The project completed a $2 million seed round financing in early 2025, receiving investments from several institutions including Animoca Brands and MarbleX.

Economists at ING Group stated that although inflation in Tokyo has eased, it remains at a high level, supporting the normalization of the Bank of Japan's policy. They expect the Bank of Japan to keep the current interest rate unchanged and follow the impact of the U.S. trade protocol on the economy, believing that a rate hike may occur in October.

Jin10 data reported on July 24, analysts from ING, Chris Turner, stated in a report that if the European Central Bank expresses concerns about the recent appreciation of the euro during Thursday's meeting, the euro may weaken. He mentioned in the report that some European Central Bank members have publicly voiced their concerns about the rise of the euro, and exchange rate comments may be involved on Thursday. "After all, the European Central Bank has been focused on the issue of inflation not meeting targets, and a stronger currency does exacerbate this situation," Turner said. Considering Trump's sensitivity to exchange rate manipulation, it remains unclear whether the bank believes that exchange rate comments could affect US-EU trade relations.

Jin10 data July 22 news, Francesco Pesole, forex strategist at ING Group, pointed out in a report that the recent depreciation of the British pound against the euro may reflect the market's concerns about the UK's fiscal situation, as well as the increasing attractiveness of the euro as a reserve currency. Data released on Tuesday showed that UK government borrowing in June rose to £20.7 billion, significantly exceeding market expectations, and this deterioration in fiscal conditions could further exacerbate market concerns. Pesole stated that although today's data did not have a significant impact on the pound, it did raise the likelihood of the UK government introducing tax increases this autumn, which will limit the pound's pump potential.

Jin10 data reported on July 21, the strategist from ING stated that the results of the Japanese Senate election have made the outlook for the yen more uncertain. Although Japanese Prime Minister Shinzo Abe has promised to remain in office and continue to promote negotiations on the US-Japan trade agreement, the opposition party may seek to gain political benefits by advocating for loose fiscal policies to address livelihood pressures. The strategist pointed out that these expectations have already put pressure on Japanese government bonds before the election, creating unfavourable information for the yen. Additionally, there is a risk that Shinzo Abe could be replaced by a more conservative faction, which may call for the Bank of Japan to slow down the pace of interest rate hikes. "In other words, today's rise of the yen lacks clear support," the strategist added.

Carsten Brzeski from ING pointed out that the strengthening of the euro and tariff turmoil are affecting the economy, and the European Central Bank may not be able to remain stagnant with its current policies. Although the interest rate has been lowered to 2%, the appreciation of the euro and potential tariff threats have increased economic uncertainty, and the central bank is expected to maintain its current policies at the policy meeting.

Jin10 data reports on July 17 that James Smith from ING stated in a report that although the UK labor market is undoubtedly cooling, the latest data shows that the situation has not deteriorated in a snowballing manner as is common during recessions. He believes this alleviates the pressure on the Bank of England to accelerate interest rate cuts. That said, Smith pointed out that the payroll numbers have been in a declining state for 7 out of the past 8 months. He still expects the Bank of England to cut interest rates in August and November.

Jin10 data reported on July 15, analysts from ING stated in a report that if French Prime Minister Borne fails to reduce the budget deficit through spending cuts, the euro could face pressure. Borne is expected to announce a cut of 40 billion euros in spending in a fiscal consolidation plan to be unveiled later. We need to closely follow the movements of French government bonds, as a failure of the spending cut plan (similar to the recent situation in the UK) seems likely to harm local fixed income products and the forex market. The recent policy reversal by the UK government on welfare reforms has raised new concerns about its fiscal situation, leading to a significant fall in UK bonds and the pound.

Jin10 data reported on July 15 that analysts from ING stated in a report that, given that the UK may accelerate its pace of interest rate cuts, the recent fall of the British pound against the euro may continue. The analysts mentioned that Bank of England Governor Bailey may reiterate in his upcoming speech that if the labor market deteriorates, more aggressive rate cuts cannot be ruled out. Data from the London Stock Exchange Group shows that the UK money market believes there is nearly an 89% chance of a rate cut in August. ING expects that the euro may rise to 0.88 against the pound in the coming quarters.

According to the Gate News bot, reported by Jin10, the latest second quarter Tankan survey released by the Central Bank of Japan shows that despite the uncertainties brought about by trade frictions, both large and small enterprises in Japan have maintained an overall optimistic attitude. The confidence of manufacturing enterprises is particularly stable, with its business sentiment index continuing to remain positive, and the manufacturing Purchasing Managers' Index (PMI) has risen back into the expansion zone for the first time in 12 months, confirming this trend.

Gate News bot reports that the International Group (ING) of the Netherlands stated that the short-term observation data for the second quarter released earlier by the Bank of Japan shows that despite the uncertainty of the trade war, both large and small enterprises in Japan remain generally optimistic. Manufacturers maintain an optimistic outlook, as evidenced by the manufacturing PMI entering expansion for the first time in 12 months.

Jin10 data June 27th, analysts from ING, Francesco Pesole, pointed out in a report that the risk balance indicates that the US dollar may continue its fall. He stated that the upcoming US core personal consumption expenditures price index, speeches from Federal Reserve officials, and US tariff dynamics could trigger a new round of decline for the dollar. Pesole said, "Any reading below a 0.1% month-on-month level will hit the dollar." The market is closely following the interest rate cut signals released in the subsequent speeches of Federal Reserve officials Kashkari, Williams, and Harker.

According to Gate News bot, in the official announcement by Gate on June 27, 2025, Gate will launch Infinity Ground (AIN) spot trading on July 5, 2025. Infinity Ground is a blockchain infrastructure project that provides a decentralized agent IDE development environment for Vibe Coders. The project consists of three core components: a decentralized agent IDE, an AI application store, and the ING Network public chain. The project completed a $2 million seed round of financing in early 2025, receiving investments from several institutions including Frachtis Ventures, MarbleX, and Animoca Brands. AIN is the project token symbol, and the specific trading launch time will be announced separately.

Analysts at ING Group point out that the euro against the dollar faces resistance around 1.17, and if it breaks through, it may pump to 1.20. The depreciation of the dollar and changes in Trump's policies provide support for the euro's rebound.

According to Gate news from Cryptonews, the altcoin market is about to experience a turbulent week, as some significant events that will affect market price rises and falls are set to occur in the coming days. Several projects worth following this week include Mango Network (MGO), AirSwap (AST), Blast (BLAST), Injective (INJ), Across Protocol (ACX), Optimism (OP), Berachain (BERA), and Synthetix (SNX).