At 07:00 (AEST), the Australian dollar was buying 70.64 U.S. cents on Monday.
The Aussie ticked up to 71.15 U.S. cents overnight before settling back slightly below its previous level to start the day.
"Bond yields mostly rose despite the cooler mood. AUD/USD however followed stocks lower, to 70.70 U.S. cents," Westpac Bank economists said in a morning note.
At 09:30 (AEST), the local unit was buying 70.64 U.S. cents.
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