Australia 3-year bond yield falls 4bp, AUD/USD dips after RBA rate decision

The front-end yield move and the currency's brief dip that largely reversed suggest markets read the RBA decision as close to expectations rather than a genuine shift in the policy path. The muted, quickly-parsed reaction implies positioning was already aligned going in, leaving little fresh signal for rate-sensitive RWA and crypto carry trades that lean on Australian duration. Whether the short-end yield stays lower and AUD/USD holds its recovery is the open question; a durable move either way would carry more information than this initial, partly retraced reaction.