APTUSD (APTUSD) 加自选

基调风险提振澳元，打压日元和法郎。亚洲投资者本周开局积极，美联储主席杰罗姆·鲍威尔在杰克逊霍尔发表温和言论后，股市上涨。香港股市涨幅尤其强劲，尽管大多数地区市场都出现了上涨势头，反映出人们相信美联储似乎准备很快再次放松。

Risk-On Tone Lifts Aussie, Pressures Yen and Franc.Asian investors kicked off the week on a positive note, with equities advancing after Fed Chair Jerome Powell struck a dovish tone at Jackson Hole. Gains were particularly strong in Hong Kong, though most regional markets saw upward momentum, reflecting belief that the Fed appears ready to ease again soon.

随着印度储备银行缓冲美国50%关税的打击，卢比可能被允许进一步走弱。标普早就应该进行的主权升级和商品及服务税合理化应该会提振印度的前景，但由于即将到来的美国关税压力很大，市场仍然保持沉默。由于印度面临最高的50%的利率，印度储备银行可能会允许卢比贬值以缓冲这一打击。

Rupee may be allowed to weaken further as RBI cushions the blow of 50% US tariffs.S&P's overdue sovereign upgrade and GST rationalization should boost India's outlook, but markets remain muted as looming US tariffs weigh heavy. With India facing the steepest 50% rate, RBI may allow rupee depreciation to cushion the blow.

瑞士第二季度的就业水平（QoQ）从之前的551.2万上升到553.2万。瑞士第二季度的就业水平（QoQ）从之前的551.2万上升到553.2万

Switzerland Employment Level (QoQ) up to 5.532M in 2Q from previous 5.512M.Switzerland Employment Level (QoQ) up to 5.532M in 2Q from previous 5.512M

8月下旬，新加坡10年期政府债券收益率降至1.87%左右，为2022年3月以来的最低水平，此前美国货币政策的温和转变导致全球收益率下降。上周，美联储主席杰罗姆·鲍威尔强调了劳动力市场不断上升的下行风险，为未来降息敞开了大门。在国内，新加坡的年通胀率从6月份的0.8%降至7月份的0.6%，低于市场预期的0.7%和2021年1月以来的最低水平，这增加了新加坡金融管理局采取更宽松立场的空间。新加坡金融管理局在7月保持政策不变，维持新加坡元NEER区间的斜率和宽度，同时对美国潜在关税的风险发出警告。与此同时，最近SGS拍卖的强劲需求和新加坡稳健的财政状况提振了投资者的兴趣，使借贷成本保持稳定，并延续了自2024年底以来持续的收益率下降趋势。

Singapore’s 10-year government bond yield fell to around 1.87% in late August, its lowest level since March 2022, after a dovish shift in US monetary policy pulled global yields lower. Last week, Federal Reserve Chair Jerome Powell highlighted rising downside risks to the labor market, keeping the door open for future rate cuts. Domestically, Singapore’s annual inflation rate eased to 0.6% in July from 0.8% in June, below market expectations of 0.7% and the lowest since January 2021, increasing the scope for a more accommodative stance by the Monetary Authority of Singapore. The MAS left policy unchanged in July, maintaining the slope and width of the Singapore dollar NEER band while cautioning about risks from potential US tariffs. Meanwhile, strong demand at recent SGS auctions and Singapore’s solid fiscal position boosted investor appetite, keeping borrowing costs anchored and extending the downward trend in yields that has persisted since late 2024.