SYDNEY: The Australian and New Zealand dollars were celebrating fresh five-month highs on Thursday as markets went all-in betting on rapid-fire global rate cuts next year, driving bond yields to their lowest since June.

A fourth straight session of gains saw the Aussie at $0.6857, and nearer to a major double-top from June and July at $0.6895/6900.

The kiwi dollar climbed to $0.6353, within striking distance of its July peak at $0.6412. Market pricing for rate cuts was becoming ever more aggressive with a March move by the Federal Reserve now put at a 91% probability, while a cut from the European Central Bank was seen as a 72% chance.