Group 1 - The performance of major currency pairs on July 25, 2025, shows a slight decline against the US dollar, with most pairs experiencing a decrease of around 0.04% to 0.09% [1][3] - The euro, Australian dollar, and New Zealand dollar all exhibited similar downward trends, indicating a general weakening against the US dollar [3] - The data suggests a consistent pattern of depreciation across various currency pairs, reflecting potential market volatility or shifts in investor sentiment [3]

Group 1 - The interest rate decision was unanimously passed, and no further guidance on rates can be provided at this time [1] - Current inflation stands at 2%, which is considered ideal, with inflation expectations remaining very stable [3] - Economic growth is generally in line with expectations, and may even be slightly better than anticipated [5] Group 2 - Close attention is being paid to the progress of trade negotiations, with an inability to assess the impact of trade disruptions on inflation [2] - A stronger euro may suppress inflation more than expected, without targeting any specific exchange rate level [4]

欧洲央行会议纪要：能源和欧元是推动整体CPI变动的主要因素。 ...

Core Viewpoint - The European Central Bank official Demarco stated that the euro will not replace the US dollar as the dominant reserve currency [1] Group 1 - The euro's position as a reserve currency is not expected to surpass that of the US dollar [1] - Demarco's comments reflect ongoing discussions about the future of global currencies and their roles in international finance [1]

Group 1 - The core viewpoint of the article is that the U.S. is actively promoting stablecoins not only to mitigate risks associated with U.S. debt but also to deepen the influence of the dollar on the global financial system [1] - If stablecoins spread without restrictions, the influence of the dollar could further erode the sovereignty of other countries' currencies [1] - The Italian Finance Minister has warned that dollar-pegged stablecoins could "crowd out" the euro [1] Group 2 - The impact of stablecoins will be more direct and severe for developing countries with weak currency systems and high inflation [1]

Core Viewpoint - The European Central Bank (ECB) Executive Board member Schnabel indicated that energy prices and the euro may experience bidirectional changes [1] Group 1 - Energy prices are expected to fluctuate, impacting the overall economic landscape [1] - The euro's value may also be influenced by these energy price changes, suggesting a complex relationship between the two [1]