AUD Slumps as US Yields Rebound, PMIs Fail to Deliver

The Australian dollar weakened against the US dollar on Monday due to a rebound in US Treasury yields and uninspiring purchasing managers' index (PMI) data from major economies.

US Treasury yields recovered from recent lows, with the yield on the 10-year note climbing back above 4.2%, making the greenback more attractive relative to the Australian dollar.

The stronger yields put downward pressure on the AUD/USD currency pair, which was trading near 0.6620, down from its recent highs above 0.6700.