The Australian dollar weakened against the US dollar, with AUD/USD trading near 0.6620 after recently reaching above 0.6700. A rebound in the 10-year US Treasury yield above 4.2% increased the appeal of US assets and supported the greenback, while mixed purchasing managers’ index (PMI) data from the US, Eurozone and Australia failed to provide a positive catalyst for the Australian currency. US services activity remained resilient, manufacturing was subdued, and the Eurozone stayed in contraction. Australia’s composite PMI remained in expansion but came in slightly below expectations. Traders are focused on the policy gap between the Federal Reserve, which has signaled a slower pace of rate cuts, and the Reserve Bank of Australia, which has kept rates on hold. The pair may remain range-bound and sensitive to upcoming US inflation data and Reserve Bank of Australia commentary.