Market Information Thursday 21 May 2026

More than 37 European banks have backed a single euro stablecoin project led by Amsterdam-based Qivalis, reflecting growing concern over US dollar dominance in crypto markets. Supporters include BNP Paribas, ING, UniCredit, ABN Amro and Rabobank. The initiative aims to improve cross-border payments and settlement efficiency. Policymakers, including Christine Lagarde, the European Central Bank President, have warned that dollar stablecoins risk increasing Europe’s dependency on the US currency.

Minutes from the Federal Reserve’s April meeting show many policymakers wanted to remove language signalling a bias towards future rate cuts. Rising inflation driven by higher fuel prices linked to the Iran war increased concern about easing policy too soon. While rates were held at 3.5 to 3.75 per cent, several officials dissented over the guidance. The divisions mark the most significant split among policymakers since 1992.

Foreign selling of Asian equities accelerated in May as investors grew more cautious about war-driven inflation and rising borrowing costs squeezing corporate margins. Net outflows totalled $24.75bn month to date, including a record $17.27bn sold in the past week across several regional markets. A rise in the 30-year US Treasury yield to its highest since 2007 added valuation pressure, especially in growth-heavy markets. Indonesia and Thailand still recorded modest inflows.

The 6M Euribor increased with 3 basis points to 2.62% compared to previous business day. The 10Y Swap decreased with 9 basis points to 3.13% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.