The Australian and New Zealand dollars extended gains on Tuesday as global stocks rallied and commodity prices surged, while the minutes from Australia’s central bank’s last meeting revealed it was prepared to lift rates to tame inflation. The Aussie rose 0.1% to $0.6663, having gained 0.7% overnight. Bulls are aiming for a recent top of $0.6686 and a break there could open all the way to the 2025 top of $0.6707. Support is around $0.6592. The kiwi dollar gained 0.2% to $0.5805 after rising 0.7% overnight. It is facing resistance at $0.5831 and enjoying support at $0.5740. The two Antipodeans - often sold as proxies for global risk - have eked out some gains in the final trading weeks of the year as stocks have charged higher and prices for commodities such as gold, silver and copper all hit record highs amid thin liquidity. Minutes from the Reserve Bank of Australia’s last policy meeting showed board members considered whether a rate rise next year would be needed to tame inflation. There was growing uncertainty about whether financial conditions were restrictive or not. For the cash rate to be on hold next year, the RBA said it will need to be certain that financial conditions are restrictive and much of the pickup in inflation is temporary. That raises the stakes for the December-quarter inflation figures due in late January. “By the February Board meeting, we think the RBA will have enough information to make an informed judgment on the persistence or otherwise of inflationary pressures,” said Sally Auld, chief economist at National Australia Bank, who is tipping a hike in February. “If we are correct in our estimate of a 0.9% qoq rise in trimmed mean inflation for 4Q, we think it will be hard for the Board to stare down what looks to be a shift in the underlying pulse of inflation.” Swaps now imply just a 27% probability of a rate hike from the RBA in February, but a move has been fully priced by June next year. There is a 56% probability of a follow-up move by the end of 2026. The two Antipodeans also managed to break some key levels on the yen overnight, although they retraced some of the gains on Tuesday. The Aussie slipped 0.3% to 104.24 yen, having gained 0.2% overnight to hit a 17-month top of 104.61. The kiwi traded at 90.85 yen, having touched a 13-month high of 91.13 overnight.