Australia 10-yr yields fall 4bps to 1.59% – fresh record low, Aussie unfazed

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.