澳元、新西兰元在亚洲股市回落时下跌，PMI加权，美元等待美联储的鲍曼和鲍威尔。大宗商品货币今日在平静的交易中下跌，澳元和新西兰元领跌，因地区股市回落。由于日本假期，成交量清淡，但在中国和香港科技股从为期一个月的涨势中回落后，风险情绪恶化。

Aussie, Kiwi Slip on Asia Stock Retreat, PMIs Weigh, Dollar Awaits Fed's Bowman and Powell.Commodity currencies slipped in quiet trading today, with Aussie and Kiwi leading losses as regional equities pulled back. With Japan on holiday, volumes were thin, but risk sentiment deteriorated after both Chinese and Hong Kong tech stocks retreated from a month-long rally.

澳大利亚PMI综合指数跌至52.1的三个月低点，信心暴跌。澳大利亚私营部门的势头在9月份急剧放缓，PMI综合指数从55.5降至52.1，为三个月来的最低水平。制造业从53.0降至51.6，而服务业从55.8大幅下滑至52.0，表明经济活动普遍放缓。

Australia PMI composite hits three-month low at 52.1, confidence slumps.Australia's private sector momentum slowed sharply in September, with PMI Composite falling from 55.5 to 52.1, its lowest in three months. Manufacturing eased from 53.0 to 51.6, while services slipped more heavily from 55.8 to 52.0, signaling a broad moderation in activity.

周二，澳大利亚10年期政府债券收益率跌至4.28%左右，此前一个动荡的交易日曾短暂将其推至两周高点，因为投资者权衡了储备银行的前景。最近的PMI数据显示，9月份商业活动放缓，制造业和服务业都失去了动力。再加上季度通胀放缓和劳动力市场疲软的轻微迹象，这为政策制定者提供了更多放松政策的空间。然而，澳大利亚州长米歇尔·布洛克最近指出，澳大利亚经济处于强势地位，但也警告称，前景仍不确定，全球环境、持续的市场波动以及消费者支出反弹可能低于预期。这些因素降低了市场对11月宽松政策的预期，掉期意味着到明年年中再降息不到两次。投资者现在转向即将发布的月度CPI数据以获取进一步指导。

Australia’s 10-year government bond yield fell to around 4.28% on Tuesday, after a volatile session that briefly pushed it to a two-week high, as investors weighed the outlook for the Reserve Bank. Recent PMI data indicated a slowdown in business activity in September, with both manufacturing and services losing momentum. Coupled with slowing quarterly inflation and slight signs of a softening labor market, this has given policymakers more room to ease policy. However, Governor Michelle Bullock recently noted that Australia’s economy is in a strong position, but also warned that the outlook remains uncertain, with risks from the global environment, ongoing market volatility, and a potentially slower-than-expected rebound in consumer spending. These factors have tempered market expectations for easing in November, with swaps implying fewer than two additional cuts by mid-next year. Investors now turn to the upcoming monthly CPI release for further guidance.

周二，澳元兑美元汇率跌破0.658美元，扭转了前一交易日的涨势，因为投资者权衡了令人失望的PMI数据。闪电估计显示，9月份的综合采购经理人指数从8月份的55.5降至52.1。虽然这标志着连续第十二个月的扩张，但也标志着这一时期增长速度最慢，制造业（51.6比53）和服务业（52比55.8）都显示出减速的迹象。市场现在关注的是周三的月度CPI指标，该指标将澄清7月份的通胀飙升是由于电力补贴的终止还是更广泛的价格压力。如果通胀居高不下或加速，对澳大利亚储备银行降息的预期可能会推迟到明年。行长米歇尔·布洛克周一指出，虽然最近的数据符合预期，但澳大利亚储备银行仍对不断变化的情况保持警惕。她补充说，最近的降息应该会支持支出，但全球前景仍然“不确定和不可预测”

The Australian dollar weakened past $0.658 on Tuesday, reversing gains from the previous session, as investors weighed the underwhelming PMI data. Flash estimates revealed that the composite PMI fell to 52.1 in September, from 55.5 in August. While this marked the twelfth straight month of expansion, it also signaled the slowest pace of growth in that stretch, with both the manufacturing (51.6 vs 53) and services (52 vs 55.8) sectors showing signs of deceleration. Market focus is now on Wednesday’s Monthly CPI indicator, which will clarify if July’s inflation spike was due to ending electricity subsidies or broader price pressures. If inflation stays high or accelerates, expectations for RBA rate cuts could be delayed well into next year. Governor Michele Bullock noted Monday that while recent data have met expectations, the RBA remains alert to changing conditions. She added that recent rate cuts should support spending, but global outlooks remain “uncertain and unpredictable.”