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Amid increased Reserve Bank of Australia (RBA) June rate cut bets, in the wake of the recent dismal Australian jobs and construction output data, the Australian 10-year government bond yields dropped 4 bps to hit fresh record lows at 1.59%

Despite falling Australian yields, the AUD/USD pair manages to hold steady near 0.6880 levels, consolidating post-FOMC uptick to 0.6890.

The spot keeps its range trade intact, as all eyes remain on the US-China trade developments heading into a fresh batch of US macro news and Fedspeak due later today.