A transducing head includes a first bias element, a second bias element, and a magnetoresistive sensor positioned between the first bias element and the second bias element. The first bias element and the second bias element are each formed of a permanent magnet material having a remanent magnetic moment in a range of about 200 to about 800 emu/cm³. In a preferred embodiment, the permanent magnet material is an alloy comprising iron, platinum, and at least one material selected from copper, silver, magnesium, lead, zinc, bismuth, and antimony.