SYDNEY, Feb 10 Reuters The Australian and New Zealand dollars were trying for a fourth session of gains on Thursday as global equity markets rallied and commodities kept climbing, while Australian bonds formally waved goodbye to buying by the central bank.

The Reserve Bank of Australia RBA ceased its quantitative easing campaign on Thursday having hoovered up more than A350 billion 251.23 billion in bonds as part of a massive pandemic stimulus package.

The central bank estimates the buying binge kept bond yields around 30 basis points lower than they otherwise would be, so its demise could be one reason yields have been surging.

In just the past four sessions, yields on 10year paper have climbed 27 basis points to 2.13 and heights last visited in early 2019.

Threeyear futures also dived as much as 27 ticks before steadying at 98.420, maintaining a bearish flattening across the curve.

Over coming weeks we will get a better sense of the true demand in the bond market. However, we think there will be minimal disruption, said Damien McColough, head of rates strategy at Westpac.

Domestic market sentiment and momentum are being dominated by the broader global bond direction, so yields are likely to keep pushing higher over coming weeks.

The jump in local yields has more than kept pace with rising U.S. yields and helped the Aussie firm to 0.7172, and away from last month39;s trough of 0.6967.

The break of resistance at 0.7168 also brightened the technical outlook and…