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SYDNEY: The Australian and New Zealand dollars won a reprieve on Wednesday as their US counterpart ran into profit-taking and commodity prices bounced, while bonds were bludgeoned by a sharp sell off in Treasury yields.

An upbeat survey on China’s services sector added to signs of an economic pick up which could support demand for commodities. That buoyed prices for copper, while buying from momentum funds helped lift gold to record highs. Australia is a major exporter of resources including copper and gold.

This was enough to see the Aussie edge up to $0.6512, after again finding support overnight near $0.6480. A break of $0.6540 is needed to put it on firmer footing, or risk a retreat to the February trough of $0.6443.

The kiwi dollar steadied at $0.5963, helped by a solid rise in prices at the latest global dairy auction. However, it remains uncomfortably close to a five-month low of $0.5940 hit early in the week. Bonds took another knock as markets continued to scale back expectations for future US rate cuts. Since January, futures have taken 100 basis points of easing out of 2025 and now see US rates ending next year at 4% rather than 3%.

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