澳大利亚10年期政府债券收益率跌至4.6%，反映了美联储降息25个基点后美国债券收益率的下降。美联储表示，劳动力市场状况总体上有所缓解，通胀率已接近央行2%的目标，但仍有所上升。在澳大利亚，储备银行周二将利率稳定在4.35%，标志着这一水平的一年，并坚持其不排除任何政策的指导方针。央行指出，潜在通胀率仍然过高，预计要到2026年才能恢复到目标水平。此外，州长米歇尔·布洛克强调，由于持续的价格压力和劳动力市场紧张，有必要暂时维持限制性利率。基于这一立场，澳大利亚储备银行在全球货币宽松周期中继续落后。

Australia's 10-year government bond yield fell toward 4.6%, mirroring a decline in US bond yields after the Federal Reserve cut interest rates by 25 basis points in a widely expected move. The Fed said that labor market conditions have generally eased and inflation has moved closer to the central bank’s 2% target, though it remains somewhat elevated. In Australia, the Reserve Bank held interest rate steady at 4.35% on Tuesday, marking a year at that level, and maintained its guidance on not ruling anything in or out on policy. The central bank noted that underlying inflation remained too high and is not seen to return to target until 2026. Moreover, Governor Michele Bullock emphasized the need to maintain restrictive interest rates for the time being due to ongoing price pressures and a tight labor market. With this stance, the RBA continues to lag behind in the global monetary easing cycle.

周五，澳元兑美元汇率在0.665美元左右，本周将上涨约1.5%，因为澳大利亚储备银行的鹰派信号和对中国新刺激计划的希望超过了唐纳德·特朗普在美国大选中的胜利。周三，随着美元飙升，澳元跌至三个月低点，原因是人们预计特朗普的通胀政策将阻止美联储进一步降息，再加上人们担心更高的关税可能会损害中国经济。然而，由于澳大利亚储备银行坚持限制性政策立场，货币在第二天大幅反弹。澳大利亚储备银行还强调了特朗普获胜对澳大利亚经济影响的不确定性，并指出它正在密切关注中国的潜在政策反应。市场押注北京将推出进一步的刺激措施，以应对特朗普第二届政府提高关税的风险。

The Australian dollar traded around $0.665 on Friday and was set to gain about 1.5% this week as hawkish signals from the Reserve Bank of Australia and hopes of fresh China stimulus outweighed Donald Trump’s US election victory. On Wednesday, the Aussie had fallen to a three-month low as the US dollar surged, driven by expectations that Trump’s inflationary policies would keep the Federal Reserve from cutting rates further, coupled with concerns that higher tariffs could hurt China’s economy. However, the currency rebounded sharply the following day as the RBA stood out in maintaining a restrictive policy stance. The RBA also highlighted the uncertainty surrounding the impact of Trump’s win on the Australian economy, noting that it was closely monitoring China’s potential policy response. Markets are betting that Beijing will introduce further stimulus measures to counter the risk of higher tariffs under a second Trump administration.

标准普尔/澳交所200指数周五飙升1%，至8300点以上，在美联储降息25个基点后达到两周多来的高点。美国大选结果的持续提振也提振了积极的市场情绪，而随着全国人大常委会结束为期五天的会议，投资者期待着中国的潜在刺激措施。权重铁矿石矿商领涨，必和必拓集团上涨1.7%，Fortescue Metals上涨2.4%，力拓上涨1.9%。金融股也上涨，联邦银行上涨0.8%，西太平洋银行上涨1.1%。在企业新闻方面，澳新银行集团股价上涨0.7%，尽管其年度利润下降了9%。基准指数本周有望上涨2%以上。

The S&P/ASX 200 Index surged 1% to above 8,300 on Friday, reaching an over two-week high after the US Federal Reserve implemented a quarter-point interest rate cut. The positive market sentiment was also bolstered by the continued boost from the US election outcome, while investors looked ahead to potential stimulus measures from China as the National People’s Congress Standing Committee wrapped up its five-day meeting. Heavyweight iron ore miners led the rally, with BHP Group rising 1.7%, Fortescue Metals up 2.4%, and Rio Tinto gaining 1.9%. Financial stocks also saw gains, with Commonwealth Bank adding 0.8% and Westpac Banking rising 1.1%. In corporate news, ANZ Group climbed 0.7%, despite reporting a 9% drop in annual profit. The benchmark index is on track to post a gain of more than 2% for the week.

由于特朗普的关税威胁，美元升值，澳元下跌。周五，澳元（AUD）兑美元（USD）小幅下跌。澳元/美元对的下行风险似乎是可能的，因为对唐纳德·特朗普提高关税的提议的担忧可能会支持美元。

Australian Dollar loses ground as US Dollar appreciates due to Trump's tariff threat.The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday. The downside risks for the AUD/USD pair seem possible as the US Dollar (USD) may receive support from the concerns about Donald Trump's proposals to raise tariffs.