Australian and New Zealand dollars cut losses

The Australian and New Zealand dollars cut losses on Wednesday as a sudden turnaround in Chinese stocks and commodity prices helped lift some of the gloom, after the passing of a crucial eurozone bailout fund stalled in Slovakia. The Aussie, which fell as low as $0.9865, rebounded to $0.9940 in late local trade.
The kiwi dollar jumped to $0.7803, from a low of $0.7742, as China's Shanghai composite index rallied more than 2 percent after erasing losses. Both the Aussie and kiwi also slipped against the yen and euro, but were off session lows. Against the kiwi, the Aussie shed 0.3 percent to NZ$1.2723.